Business
Grizzly Discoveries Announces Private Placement
Edmonton, Alberta--(Newsfile Corp. - February 15, 2017) - Grizzly Discoveries Inc. (TSXV: GZD...
About this update from Grizzly Discoveries Inc
[{"type":"text","content":"\nGrizzly Discoveries Announces Private PlacementEdmonton, Alberta--(Newsfile Corp. - February 15, 2017) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTC Pink: GZDIF) (\"Grizzly\" or the \"Company\") is pleased to announce a private placement (the \"Private Placement\") of up to 5,000,000 non-flow-through units (the \"Units\") at a price of $0.05 per Unit, for gross proceeds of up to $250,000, and up to 4,500,000 flow-through units (the \"FT Units\") at a price of $0.07 per FT Unit, for gross proceeds of up to $315,000. Each Unit is comprised of one common share in the capital of the Company (\"Common Share\") and one Common Share purchase warrant with an exercise price of $0.075 per Common Share (\"Unit Warrant\"). Each FT Unit is comprised of one Common Share issued as a \"flow-through\" share pursuant to the Income Tax Act (Canada) (\"FT Share\") and one Common Share purchase warrant with an exercise price of $0.10 per Common Share (\"FT Unit Warrant\"). Each of the Unit Warrants and FT Unit Warrants (collectively, the \"Warrants\") will entitle the holder to acquire one additional Common Share at the corresponding exercise price, for a period of two years from the date the Units or FT Units are issued (the \"Closing Date\") or, if during the exercise period of the warrants, but after the resale restrictions on the shares have expired, the Company's shares trade at or above a weighted average trading price of $0.12 per share on the TSX Venture Exchange for 10 consecutive trading days, the Company may accelerate the expiry time of the Warrants by issuing a news release and giving written notice to holders of Warrants stating that the Warrants will expire 30 days from the date of such notice (\"Acceleration\"). If fully subscribed, the Private Placement will result in the sale and issuance of 9,500,000 Common Shares and 9,500,000 Warrants for aggregate gross proceeds of $565,000.The Units and FT Units shall be sold to persons eligible pursuant to available prospectus and registration exemptions. A portion of the Units may be sold to eligible purchasers in accordance with the exemption set out in Alberta Rule 45-516 Prospectus Exemptions for Retail Investors and Existing Security Holders, or similar regulations in other jurisdictions, (the \"Security Holder Exemption\") pursuant to the terms and conditions of this news rel...