Grizzly Discoveries (GZD) has raised C$230,300 in a private placement to fund exploration work at a number of projects in British Columbia.
Under the terms of the placement, the Edmonton, Alberta-based exploration company issued 300,000 units and 2.99 million flow-through units at a price of $0.07 each.
Each unit is comprised of one common share in Grizzly Discoveries and one-half of a common share purchase warrant, while each flow-through unit consists of one flow-through share in the company and one-half of a purchase warrant.
Every whole warrant will entitle the holder to acquire an additional common share at a price of $0.10, exercisable until October 30, 2022.
However, in the event that Grizzly Discoveries' shares trade at or above a price of $0.15 for a period of 10 consecutive trading days on the TSX Venture Exchange, the expiry date of the warrants may be brought forward.
A number of insiders of the company subscribed for a total of 300,000 units and 130,000 flow-through units, representing $30,100 of the total amount raised.
With the placement now complete, Grizzly Discoveries has a total of 89,776,714 common shares issued and outstanding.
The proceeds will be used to fund exploration activities primarily at the Greenwood and Robocop mineral projects, both of which are located to the south of British Columbia.
Grizzly Discoveries recently completed a 15-hole drill program at its Ket 28 property, located within the larger Greenwood Project, with the results currently waiting analysis.
The company said it will incorporate the data collected during the program into its existing geological model with a view to developing and initial resource estimate of gold mineralization at the Ket 28 property.
Grizzly Discoveries (GZD) is currently steady at $0.06 per share, as of 3:17pm EST.