Grizzly Announces Private Placement
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Edmonton, Alberta--(Newsfile Corp. - June 20, 2024) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce a private placement (the "Offering") of Units and Flow-Through Units for aggregate gross proceeds of $1,000,000 if fully subscribed. The Offering consists of up to 16,666,668 Units and up to an additional 16,666,668 in any combination of Units or Flow-Through Units, at a price of $0.03 per Unit and Flow-Through Unit (each as defined below).
Each Unit shall consist of one common share of the Company ("Common Share") and one non-transferrable common share purchase warrant ("Warrant") entitling the warrant holder to purchase an additional Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance. Each Flow-Through Unit shall consist of one Common Share and one half of one Warrant, each of which shall be issued as a "flow through share" for the purposes of the Income Tax Act (Canada). The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation
The Company intends to use the proceeds of the Offering, if fully subscribed, as follows:
| Mineral Property Exploration | Drill Exploration Program | $ | 500,000 | | |
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| | Other | $ | 100,000 | | $ | 600,000 | |
| Mineral Rights and Permits | | |
| | $ | 105,000 | |
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| Corporate Overhead | Management fees to Officers | $ | 72,000 | | |
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| (6 months) | Other Corporate Overhead | $ | 213,000 |
| $ | 285,000 | |
| General working capital | | |
| | $ | 10,000 |
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| | $ | 1,000,000 |
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There is no minimum to the Offering. If the Company closes on less than the maximum proceeds, the use of proceeds will be adjusted. In the case that the Offering is over-subscribed, the Company may increase the size of the Offering by an additional 10%, with any remaining over-subscribed amount allocated pro-rata to all subscribers.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash and warrants with terms equivalent to the Warrants, to registered broker dealers, limited market dealers or arm's length persons in accordance with the policies of the TSX Venture Exchange (the "Exchange") and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange. The Offering is subject to acceptance by the Exchange.