EDMONTON, ALBERTA – March 31, 2017 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCPK: GZDIF; Frankfurt: G6H) ("Grizzly" or the "Company") announces that it has closed the first tranche of a private placement (the “Offering”) by the issuance of 2,760,000 non-flow-through units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of $138,000. Each Unit consists 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 $0.12 per Common Share for 10 consecutive trading days; and (b) March 31, 2019.
800,000 of the 2,760,000 Units sold were purchased by insiders of the Company. The Company paid a cash finder fee of $3,800 and issued 76,000 finders warrants with terms equivalent to the Warrants to eligible persons in connection with the Offering. The Company intends to use the proceeds of the Offering for general working capital.
The Common Shares and any Common Shares issued on exercise of the Warrants will be subject to restrictions on trading until August 1, 2017 in accordance with the policies of the TSX Venture Exchange. Following closing of the Offering, the Company has 55,348,605 Common Shares issued and outstanding.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange with 55.3 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds over 235,000 acres of precious-base metal properties in British Columbia; more than 205,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta; and metallic and industrial mineral permits for potash totaling more than 250,000 acres along the Alberta-Saskatchewan border.
On behalf of the Board,
Grizzly Discoveries Inc.
Brian Testo
CEO, President
(780) 693-2242
For further information, please visit our website at www.grizzlydiscoveries.comor contact:
| Nancy Massicotte, Investor Relations IR PRO COMMUNICATIONS INC. Tel: 604-507-3377 Toll Free: 1-866-503-3377 Email: www.irprocommunications.com |
Ian Lambert COO, Grizzly Discoveries Inc. Tel: 416-840-9843 Email: |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may," "will," "should," "anticipate," "plan," "expect," "believe," "estimate," "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.