Business
Grizzly Closes Private Placement to Support Drilling at Its Ket 28 Gold Prospect
Edmonton, Alberta--(Newsfile Corp. - July 21, 2020) - Grizzly Discoveries Inc. (TSXV: GZD) (O...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"Grizzly Closes Private Placement to Support Drilling at Its Ket 28 Gold ProspectEdmonton, Alberta--(Newsfile Corp. - July 21, 2020) - Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) (FSE: G6H) (\"Grizzly\" or the \"Company\") is pleased to announce that, pursuant to its announcements of June 24, 2020 and July 14, 2020, it has closed a private placement (the \"Offering\") by the issuance of 12,870,000 units of the Company (\"Units\") at a price of $0.05 per Unit and 6,530,000 units including flow-through shares (\"FT Unit\") at a price of $0.05 per FT Unit for aggregate gross proceeds of $970,000. Each Unit consisted of one common share of the Company (\"Common Share\") and one non-transferable warrant (\"Warrant\") with each Warrant entitling 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) July 21, 2022. 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.In connection with the offering, the Company paid cash commissions of $48,895 and issued 977,900 Finder Warrants (with terms equivalent to the Warrants) to registered dealers. 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 Greenwood and Robocop mineral projects in British Columbia.The Common Shares and any Common Shares issued on exercise of the Warrants will be subject to restrictions on trading until November 22, 2020 in accordance with the policies of the TSX Venture Exchange. Following closing of the Offering, the Company has 86,486,714 Common Shares issued and outstanding.Directors, management and insiders subscribed for an aggregate of 400,000 Units representing aggregate gross proceeds of $20,000. The purchase of such Units is considered to be a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"), but is exempted from the requirements to obtain a formal valuation and to obtain minorit...