- Grizzly Discoveries (GZD) has announced a private placement of up to C$1.5 million
- The company will use the proceeds for general corporate and working capital purposes, as well as to incur Canadian exploration expenses
- Exploration expenses will focus on Grizzly’s Robocop and Greenwood projects
- Grizzly Discoveries is focused on developing over 160,000 acres of precious and base metals properties in southeastern British Columbia
- Grizzly Discoveries (GZD) closed down by 9.09 per cent trading at $0.05 per share
Grizzly Discoveries (GZD) has announced a private placement of up to C$1.5 million.
The company will offer up to 10,000,000 units at $0.05 per unit and up to 20,000,000 flow-through units at $0.05 per flow-through unit.
Each unit consists of one common share and one non-transferable warrant.
Each flow-through unit consists of one common share issued as a flow-through share for the purposes of the Income Tax Act (Canada) and one-half of one warrant.
Each warrant entitles the holder to acquire one additional common share for $0.075 for 24 months from the date of issuance, subject to acceleration.
The company will use unit proceeds for general corporate and working capital purposes.
It will use proceeds from flow-through units to incur Canadian exploration expenses as defined in the Income Tax Act (Canada).
Exploration expenses will focus on Grizzly’s Robocop and Greenwood projects.
The Robocop Project is comprised of 9,838 acres in nine mineral claims in southeast B.C.
The property is approximately 10 km in length and 3.5 km in width and contains numerous untested anomalous soil +/- rock geochemical targets.
Initial surface trenching in the late 1980s to early 1990s yielded up to 0.06 per cent Co and 1.93 per cent Cu over 6 m, and up to 0.146 per cent Co, 1.8 per cent Cu and 5.3 g/t Ag over 5 m.
A total of 15 drill holes between 1990 and 2008 yielded up to:
- 0.134 per cent Co, 1.19 per cent Cu and 33.8 g/t Ag over 1.23 m
- 0.14 per cent Co, 0.9 per cent Cu and 2.7 g/t Ag over 3.1 m
- 0.18 per cent Co, 0.28 per cent Cu and 4.1 g/t Ag over 1 m
The Robocop Project is currently awaiting drilling permits while targets in the Greenwood area are permitted and drill-ready.
The placement is being offered to qualified subscribers in Alberta, British Columbia and Ontario, as well as any jurisdictions in reliance upon exemptions from registration and prospectus requirements.
Grizzly Discoveries is focused on developing over 160,000 acres of precious and base metals properties in southeastern British Columbia.
Grizzly Discoveries (GZD) closed down by 9.09 per cent trading at $0.05 per share.