Business
Grizzly Closes Private Placement Financing
Edmonton, Alberta--(Newsfile Corp. - August 15, 2023) - Grizzly Discoveries Inc. (TSXV: GZD) (FS...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"Grizzly Closes Private Placement FinancingEdmonton, Alberta--(Newsfile Corp. - August 15, 2023) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (\"Grizzly\" or the \"Company\") is pleased to announce that, on August 15, 2023, it closed on a private placement (the \"Offering\") by the issuance of 1,771,859 Units (as defined below) at a price of $0.07 per Unit and 5,312,500 FT Units (as defined below) at a price of $0.08 per FT Unit for aggregate gross proceeds of $549,030. 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 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 FT Warrant with each whole FT Warrant issued as a flow through share for the purposes of the Income Tax Act (Canada). Each whole Warrant and FT Warrant entitles the holder to acquire one additional Common Share (that is not a flow through share) at an exercise price of $0.10 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$0.12 per Common Share for 10 consecutive trading days; and (b) August 15, 2025. The Company intends to use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units on exploration of its mineral projects in British Columbia, primarily targeting critical minerals. In particular, the proceeds from the FT Units will be used to incur flow-through critical mineral mining expenditures, as defined in the Income Tax Act.In connection with the Offering, the Company issued 400,000 Units and 400,000 Finder Warrants (non-transferrable, with the same terms and expiry date as the Warrants) to Accilent Capital Management Inc.The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants are subject to restrictions on trading until December 16, 2023 in accordance with the policies of the TSX Venture Exchange. Following closing of the Offering, the Company has 149,644,119 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.Insiders su...