Grizzly Closes Private Placement to Support Drilling at Its Ket 28 GOLD Prospect
363 – 9768 170 Street NW,
Edmonton, Alberta, Canada T5T 5L4
Tel: 780-693-2242 Fax: 888-849-5590
TSXV: GZD
OTCQB: GZDIF
Frankfurt: G6H
July 21, 2020
GRIZZLY CLOSES PRIVATE PLACEMENT TO SUPPORT DRILLING AT ITS KET 28 GOLD PROSPECT
EDMONTON, ALBERTA – June 21, 2020 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCQB: GZDIF; Frankfurt:
G6H) ("Grizzly" or the "Company") is pleased to announce that, pursuant to its announcements of June
24, 2020 and July 14, 2020, it has closed a private placement (the “Offering”) by the issuance of 12,870,000
units of the Company (“Units”) at a price of $0.05 per Unit and 6,530,000 units including flow -through
shares (“FT Unit”) at a price of $0.05 per FT Unit for aggregate gross proceeds of $970,000.
Each Unit consisted of one common share of the Company (“Common Share”) and one non -transferable
warrant (“Warrant”) with each Warrant entitling the holder to acqui re one additional Common Share at
an exercise price of $0.075 per Common Share until the earlier of : (a) 30 days following the issuance of
a news release by the Company that the trading price of the Common Shares on the TSX Venture Exchange
is at or greater than $0.10 per Common Share for 10 consecutive trading days; and (b) July 21, 2022. Each
FT Unit consisted of one Common Share issued as a flow -through share for the purposes of the Income
Tax Act (Canada) and one half of one Warrant.
In connection with the offering, the Company paid cash commissions of $48,895 and issued 977,900
Finder Warrants (with terms equivalent to the Warrants) to registered dealers. The Company intends to
use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units
on exploration of its Greenwood and Robocop mineral projects in British Columbia.
The Common Shares and any Common Shares issued on exercise of the Warrants will be subject to
restrictions on trading until November 22, 2020 in accordance with the policies of the TSX Venture
Exchange.
Following closing of the Offering, the Company has 86,486,714 Common Shares issued and outstanding.
Directors, management and insiders subscribed for an aggregate of 400,000 Units representing aggregate
gross proceeds of $20,000 . The purchase of such Units is considered to be a related -party transaction
under Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special Transactions
(“MI 61-101”), but is exempted from the requirements to obtain a formal valuation and to obtain minority
approval, as the purchase of securities does not exceed 25% of the Company’s market capitalization. The
Company is relying on exemptions from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Company did not file a material change report more than 21 days before the expected closing of the
Financing because the details of the participation therein by related parties of the Company were not
settled until shortly prior to closing of the Financing and the Company wished to close on an expedited
basis for business reasons.
2
The Company intends to utilize funds from the Offering to, among other things, conduct a drill exploration
program on the Ket 28 target in the Greenwood Project in Southeastern British Columbia where historical
exploration yielded 52.19 g/t gold over 3.35 meters . Key catalysts for growth and project opportunities
throughout the Greenwood district project include:
• All exploration targets are road accessible;
• Any discoveries of near -surface mineable Au -Ag-Cu mineralization could take advantage of the
presence of the Greenwood Processing Facility, or the Kettle River Mill near Republic, WA;
• Easy access to power and gas;
• Communities with a history of mining, significant infrastructure and skilled work force;
• Excellent partnership with local first nations including the Osoyoos Indian Band (OIB), and;
• Exploration and drilling permits in place at a number of Grizzly targets.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture
Exchange with 86.5 million shares issued, focused on developing its precious and base metals properties
in southeastern British Columbia. The Company holds, or has an interest in, over 156,000 acres of precious
metal properties in southeastern British Columbia.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
Tel: (780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Jim Greig
Corporate Development
Tel: 778-788-2745
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the ade quacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward -looking information" and "forward -looking statements" within the
meaning of applicable securities laws. This information and statements address future activities, events,
plans, developments and projections. All statements, other than statements of historical fact, constitute
forward-looking statements or forward -looking information. Such forward -looking information and
statements are fre quently identified by words such as "may," "will," "should," "anticipate," "plan,"
"expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates,
opinions and analysis made by management of Grizzly in light of its ex perience, current conditions,
expectations of future developments and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and unknown risks and uncertainties that
may cause Grizzly's actua l results, performance and achievements to differ materially from those
expressed or implied by the forward-looking information and statements and accordingly, undue reliance
should not be placed thereon.
3
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability
of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and
regulations, including environmental laws and obtaining requisite permits; political, economic an d other
risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly
Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory
authorities and available at www.sed ar.com. Grizzly disclaims any obligation to update or revise any
forward-looking information or statements except as may be required by law.