Business
Grizzly Announces Closing of Second and Last Tranche of Private Placement
Edmonton, Alberta--(Newsfile Corp. - July 24, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) ...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"Grizzly Announces Closing of Second and Last Tranche of Private PlacementEdmonton, Alberta--(Newsfile Corp. - July 24, 2018) - Grizzly Discoveries Inc. (TSXV: GZD) (OTC Pink: GZDIF) (FSE: G6H) (\"Grizzly\" or the \"Company\") is pleased to announce that it has closed on the second and final tranche of a private placement for additional gross proceeds of $10,000 (the \"Second Tranche\"). On July 24, 2018, the Company closed on an additional 100,000 flow-through units (\"FT Units\") (as described below) at a price of $0.10 per FT Unit for gross proceeds of $10,000. Each FT Unit sold consisted of one common share of the Company issued as a flow-through share pursuant to the Income Tax Act (Canada) and one half of one warrant (\"Second Tranche Warrant\"). Each Second Tranche Warrant entitles the holder to acquire an additional Share for an exercise price of $0.12 and expires on the earlier of: (a) 30 days following the issuance of a news release by the Corporation that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.18 per Common Share for 10 consecutive trading days; and (b) July 25, 2020.In total, the two tranches of the private placement on July 19 and July 24, 2018, resulted in the issuance of an aggregate 562,500 NFT Units and 200,000 FT Units for total gross proceeds of $65,000. The issuance of flow-through shares included in the FT Units obligate the Company to incur approximately $20,000 in expenditures qualifying as Canadian Exploration Expenditures (\"CEE\") in accordance with the Income Tax Act. Grizzly expects to renounce CEE expenditures as at December 31, 2018, to the purchasers of the FT Units.All of the Shares and any additional Shares issuable upon exercise of warrants are subject to a holding period of four months and one day in accordance with the policies of the TSX Venture Exchange. The closing of the Placement 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 with 62 million shares issued, focused on developing its precious and base metals properties in southeastern British Columbia along with significant Potash assets in Alberta. The Company holds over 180,000 acres of precious-base metal properties at its Greenwood...