Grizzly Discoveries clarifies private placement pricing at $0.03 per unit

Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) clarified September 12 that its private placement offering announced the previous day will price units at $0.03 each, a detail omitted from the initial announcement.

The Edmonton-based mineral exploration company seeks to raise up to $1 million through the sale of up to 8.3 million units and up to 25 million flow-through units. Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.05. Each flow-through unit includes one common share and half a warrant.

Warrants expire 24 months from issuance 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.

The company plans to allocate proceeds as follows: $750,000 for mineral property exploration, $80,000 for mineral rights and exploration permits, $100,000 for working capital including outstanding management fees, and $70,000 for three months of corporate overhead.

Flow-through units will be issued as flow-through shares under Canada's Income Tax Act. The offering targets qualified investors in Alberta, British Columbia and Ontario, with potential expansion to other jurisdictions.

Grizzly may pay finder's fees in cash, units or warrants to registered dealers. Common shares and warrant shares will be restricted from trading for four months and one day from issuance under TSX Venture Exchange policies.

The offering requires TSX Venture Exchange acceptance and has no minimum subscription requirement.

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