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Follow on Google News | Grizzly Discoveries Closes 1st Tranche of $1,448,000 Private PlacementGrizzly Discoveries announced a $,1448,978.50 non-brokered private placement and subject to approval of the TSX Venture Exchange, Grizzly will close on an additional financing of $230,021.40
By: IR Pro Communications Each Non-FT Unit consisted of one common share of the Corporation (“Common Share”) and one non-transferable Common Share purchase warrant (“Non-FT Unit Warrant”) entitling the holder to acquire one additional Common Share at a price of $0.50. Each FT Unit consisted of one Common Share issued as a “flow-through share” pursuant to the Income Tax Act (Canada) and one non-transferable Common Share purchase warrant (“FT Unit Warrant”) entitling the holder to acquire one additional non-flow through Common Share at a price of $0.60. The FT Unit Warrants and the Non-FT Unit Warrants (collectively, the “Warrants”) The Non-FT Units and the FT-Units (collectively, the “Units”) were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. Insiders of the Corporation purchased an aggregate of 500,000 Non-FT Units and all of the FT Units. The Common Shares forming part of the Units, the Warrants and the Common Shares issuable upon exercise of the Warrants are subject to a restricted period ending on November 6, 2010. The proceeds from the sale of the FT Units will be used to incur expenditures which qualify as Canadian Exploration Expenses on the Corporation’ Subject to approval of the TSX Venture Exchange, Grizzly will close on an additional 766,738 Non-FT Units for gross proceeds of $230,021.40. About Grizzly Discoveries Inc. Grizzly is an aggressive Canadian exploration company focused on exploring for world class gold and base metal deposits in British Columbia, and for diamonds and industrial minerals in Alberta. In British Columbia, Grizzly currently has four precious-base metal properties totaling over 235,000 acres. It currently holds more than 1 million acres in diamond properties which host diamondiferous kimberlites in the Buffalo Head Hills and Birch Mountains of Alberta. Grizzly has also acquired metallic and industrial mineral permits for potash totaling more than 1.43 million acres along the Saskatchewan- Grizzly trades on the TSX Venture Exchange under the symbol GZD, with 30,643,564 Common Shares issued and outstanding. # # # IR PRO COMMUNICATIONS is a well-established investor relations firm whose knowledge and experience enables successful communication to the investment community. We focus on emerging publicly-traded companies and provide targeted strategies for increasing their profiles in financial markets. IR PRO specializes in the development of excellent personal relationships with brokers, analysts and shareholders, leading to increased long term visibility for our clients. In addition, we have an extensive database for unique electronic communications as well as a newly implemented news dissemination service. IR PRO COMMUNICATIONS conducts audio interviews with company management to provide a clear message not only to current shareholders but also potential shareholders. End
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