EDMONTON, ALBERTA – April 25, 2016 -- Grizzly Discoveries Inc. (TSX-V: GZD; OTCBB: 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 2,794,680 units of the Company (“Units”) at a price of $0.05 per Unit for gross proceeds of $139,734. 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) April 25, 2018.
200,000 of the 2,794,680 Units sold were purchased by insiders of the Company. No commissions or finders fees were paid or are payable 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 26, 2016 in accordance with the policies of the TSX Venture Exchange. Pursuant to closing of the Offering, the Company has 52,407,805 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 52.4 million shares issued, focused on developing significant Potash assets in Alberta and its precious metals properties in southeastern British Columbia. The Company holds, or has an interest in: metallic and industrial mineral permits for potash totaling more than 363,000 acres along the Alberta-Saskatchewan border; over 235,000 acres of precious-base metal properties in British Columbia; and approximately 200,000 acres of properties which host diamondiferous kimberlites in the Buffalo Head Hills region of Alberta.
On behalf of the Board,
Grizzly Discoveries Inc.
For further information, please visit our website at www.grizzlydiscoveries.comor contact:
Nancy Massicotte, Investor Relations or Ian Lambert
IR PRO COMMUNICATIONS INC. COO, Grizzly Discoveries Inc.
Tel: 604-507-3377 Tel: 416-840-9843
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.