Grizzly Discoveries to Raise CA$2 Million in a Private Placement of Share Units
Grizzly Discoveries (GZD.V) plans to raise CA$2 million through a private placement offering of common-share units, flow-through (FT) units and CMFT units, it said Tuesday.The offering consists of up to 10-million units at CA$0.05 apiece for up to CA$500,000 and any combination of units, FT units at CA$0.055 per FT unit, and CMFT units at CA$0.06 per CMFT unit, for additional proceeds of up to CA$1.5 million. The company said the maximum number of units to be offered range from 35-million to 40-million depending on the type of units sold.Each unit priced at CA$0.05 per unit, FT unit priced at CA$0.055 per FT unit and CMFT unit priced at CA$0.06 per CMFT unit shall consist of one common share and one two-year warrant to buy a share for CA$0.12.Proceeds will be used for general working capital and mineral rights acquisition needs. Proceeds from the FT units will be used for exploration of its mineral properties.The company's shares last traded Sept.11, closing at CA$0.06 on the TSX Venture Exchange.The company plans to use any proceeds from the CMFT units for the exploration of its mineral properties specifically targeting critical minerals, it said.Shares of the company were last seen up 9.1% at CA$0.06 on the TSX Venture Exchange.