Edmonton, Alberta--(Newsfile Corp. - April 7, 2022) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that, between March 25, 2022 and April 7, 2022, the Company received proceeds of $20,000 and issued 400,000 common shares of the Company (each, a "Common Share") pursuant to the exercise of options granted under the Company's stock option plan, and received proceeds of $15,750 and issued 210,000 common shares pursuant to the exercise of warrants.
The Company is also pleased to provide additional information regarding the private placement (the "Offering") announced on March 24, 2022, whereby the Company issued 3,000,000 Units and 1,014,000 FT Units at a price of $0.05 per Unit and per FT Unit for gross proceeds of $200,700.
Under the terms of the Offering, each Unit consisted of one Common Share and one non-transferable warrant ("Warrant"). 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. Each whole Warrant entitles the holder to acquire 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) March 24, 2024.
In connection with the Offering, the Company paid cash finder's fees totaling $4,002 and issued 80,040 Finder Warrants (with the same terms and expiry date as the Warrants) to Canaccord Genuity Corp. The Common Shares and any Common Shares issued on exercise of the Finder Warrants will be subject to restrictions on trading until July 25, 2022 in accordance with the policies of the TSX Venture Exchange.
The Company did not accept any further subscriptions after March 24, 2022, and the Offering is closed.
Please see the Company's news release dated March 24, 2022 for additional details concerning the Offering. The Offering remains 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 66,000 ha of precious and base metals properties in southeastern British Columbia. Grizzly is run by 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
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Chris Beltgens
Corporate Development
Tel: 604 282 6372
Email: cbeltgens@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/119765
