Grizzly Closes Private Placement

Rhea-AI Summary

Grizzly Discoveries Inc. completed a private placement offering, issuing 2,975,500 Units at a price of $0.05 per Unit, resulting in gross proceeds of $148,775. Each Unit consists of one common share and one half of one warrant. The Company plans to use the proceeds for general working capital. The Common Shares and any issued on exercise of the Warrants are subject to trading restrictions until May 20, 2024. Following the Offering, the Company has 152,669,619 Common Shares issued and outstanding.

Edmonton, Alberta--(Newsfile Corp. - January 22, 2024) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that, on January 19, 2024, it closed on a private placement (the "Offering") by the issuance of 2,975,500 Units (as defined below) at a price of $0.05 per Unit for gross proceeds of $148,775.

Under the terms of the Offering, each Unit consisted of one common share of the Company ("Common Share") and one half of one warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.07 per Common Share and shall expire on the earlier of: (a) 30 days following written notice by the Issuer to the Subscriber 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) January 19, 2026.

The Company intends to use the proceeds from the Units for general working capital.

The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until May 20, 2024 in accordance with the policies of the TSX Venture Exchange.

Following closing of the Offering, the Company has 152,669,619 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com

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 adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195112

FAQ

What was the price per Unit in the private placement offering by Grizzly Discoveries Inc.?

The price per Unit in the private placement offering by Grizzly Discoveries Inc. was $0.05.

How many Units were issued in the private placement offering by Grizzly Discoveries Inc.?

Grizzly Discoveries Inc. issued 2,975,500 Units in the private placement offering.

What are the trading restrictions on the Common Shares and any Common Shares issued on exercise of the Warrants?

The Common Shares and any Common Shares issued on exercise of the Warrants are subject to trading restrictions until May 20, 2024.

What is the total gross proceeds from the private placement offering by Grizzly Discoveries Inc.?

The total gross proceeds from the private placement offering by Grizzly Discoveries Inc. was $148,775.

What is the total number of Common Shares issued and outstanding after the private placement offering by Grizzly Discoveries Inc.?

After the private placement offering, Grizzly Discoveries Inc. has 152,669,619 Common Shares issued and outstanding.