Grizzly Announces Closing of Initial Tranche of Private Placement
Rhea-AI Summary
Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) has closed the initial tranche of its private placement, raising $205,730 through the issuance of 6,157,668 Units and 700,000 Flow-Through Units at $0.03 each. Each Unit includes one common share and one warrant, while Flow-Through Units consist of one common share and half a warrant. Warrants allow purchase of additional shares at $0.05, expiring in 24 months or earlier under specific conditions.
The company plans to use $184,730 for general working capital and corporate overhead, including management fees, while $21,000 is reserved for mineral property exploration. The offering remains open until August 18, 2024, with additional units available. No commissions or finder's fees were paid for this tranche.
Positive
- Raised $205,730 through private placement
- Funds allocated for working capital and mineral exploration
- No commissions or finder's fees paid, maximizing capital raised
- Offering remains open, allowing for potential additional funding
Negative
- Dilution of existing shareholders due to issuance of new shares and warrants
News Market Reaction – GZDIF
On the day this news was published, GZDIF gained 10.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Edmonton, Alberta--(Newsfile Corp. - July 31, 2024) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") announces that it has closed on an initial tranche of the private placement (the "Offering") of Units and Flow-Through Units originally announced on June 20, 2024 and extended on July 19, 2024.
The Company issued a total of 6,157,668 Units and 700,000 FT Units, each at a price of
Each Unit consists of one common share of the Company ("Common Share") and one non-transferrable common share purchase warrant ("Warrant") entitling the warrant holder to purchase an additional Common Share for
The proceeds of
No commissions or finder's fees were paid with respect to this tranche of the Offering.
The Offering remains open, with 10,509,000 Units and 16,966,668 FT Units remaining under the maximum Offering, until August 18, 2024.
The Offering is subject to final approval from the TSX Venture Exchange.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com
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 under the Company's SEDAR+ profile at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218450
FAQ
How much did Grizzly Discoveries (GZDIF) raise in the initial tranche of its private placement?
What is the price per Unit and Flow-Through Unit in Grizzly Discoveries' (GZDIF) private placement?
When does the warrant in Grizzly Discoveries' (GZDIF) private placement expire?
How will Grizzly Discoveries (GZDIF) use the proceeds from the private placement?
