Grizzly Discoveries announces private placement up to $1.08 million

Grizzly Discoveries Inc. (TSXV: GZD) announced a private placement offering of units for gross proceeds of up to $1.08 million if fully subscribed, according to a company statement.

The offering consists of up to 12,307,693 units and up to 3,076,924 of any combination of units, flow-through units, and critical minerals flow-through units. Regular units are priced at $0.065 per unit, flow-through units at $0.08 per unit, and critical minerals flow-through units at $0.09 per unit.

Each unit includes one common share and one warrant entitling the holder to purchase an additional common share for $0.12. The warrants expire either 30 days after the company provides written notice that the volume-weighted average trading price reaches $0.18 per share for 10 consecutive trading days, or 36 months from issuance, whichever comes first.

Flow-through and critical minerals flow-through units include one common share and one-half warrant with the same exercise terms. These shares qualify as flow-through shares under Canada's Income Tax Act.

The company plans to use proceeds from regular units for general working capital and mineral rights acquisition. Funds from flow-through units will support exploration of the company's mineral properties, while critical minerals flow-through unit proceeds will target exploration specifically for critical minerals as defined by Canadian tax law.

Maximum gross proceeds range from $1 million to $1.08 million depending on the unit combination sold. The offering has no minimum subscription requirement and is subject to TSX Venture Exchange acceptance.

Grizzly Discoveries operates approximately 72,700 hectares of precious and base metals properties in southeastern British Columbia. The company is based in Edmonton, Alberta.

You May Also Be Interested In

• OpenAI: after the Hugging Face incident, we committed to conducting a much broader review of actions taken by our models
• Hafnia files SEC prospectus for $300 million share offering
• HUB Cyber Security receives Nasdaq deficiency notice over market value