Grizzly Discoveries completes first tranche of private placement for $240,000

Grizzly Discoveries Inc. (TSXV: GZD) closed the first tranche of its private placement on December 17, raising $240,000 through the sale of 8 million flow-through units at $0.03 each.

The initial closing represents part of a larger offering announced November 25 that consists of up to 8.3 million units and up to 25 million of any combination of units and flow-through units. Each unit includes one common share and one warrant allowing the purchase of an additional share for $0.05.

The warrants expire within 24 months or 30 days after the company notifies holders that shares have traded at or above $0.10 for 10 consecutive days on the TSX Venture Exchange. Each flow-through unit contains one common share and half a warrant, issued as flow-through shares under Canadian tax law.

Grizzly paid finder's fees of $14,400 and issued 480,000 finder warrants to GloRes Securities Inc. and Marquest Asset Management Inc. in connection with the transaction.

Following the closing, the company has 186.6 million common shares outstanding. The new shares and any shares issued upon warrant exercise are subject to trading restrictions until April 18, 2026.

The offering remains open for up to 8.3 million units and up to 17 million of any combination of units and flow-through units. The transaction requires final approval from the TSX Venture Exchange.

The Edmonton-based mineral exploration company focuses on approximately 72,700 hectares of precious and base metals properties in southeastern British Columbia.

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