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Follow on Google News | Junior Mining Company Grizzly Discoveries Increases Exploration Budget to up to $2 MillionGrizzly Discoveries increases exploration budget to up to $2 million and closes 2nd tranche of private placement for total gross proceeds of $1,679,000
Additional prospecting, sampling, ground geophysical surveys and geological mapping are in progress at additional target areas in the Greenwood area which could be drill tested later in the overall 2010 exploration campaign. The fieldwork commenced during mid-May and is being conducted by APEX Geoscience Ltd. under the supervision of Mr. Michael Dufresne, M.Sc., P.Geol., a principal of APEX Geoscience Ltd. and a Qualified Person under NI 43-101. Grizzly Closes Second Tranche of Private Placement Grizzly has closed the second and final tranche of the non-brokered private placement with the sale of an additional 766,738 units of the Corporation (“Units”) at a price of $0.30 per Unit for gross proceeds of $230,021. Closing of the first tranche occurred on July 5, 2010. The Corporation sold in the aggregate 3,963,333 Units at a price of $0.30 per Unit and 1,400,000 “flow-through” Each Unit consisted of one common share of the Corporation (“Common Share”) and one non-transferable share purchase warrant (“Warrant”) The Units were sold to a qualified purchaser in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation who became an Insider of the Corporation as a result of the purchase. The Common Shares and Warrants comprising the Units and the Common Shares issuable upon exercise of the Warrants are subject to a restricted period ending on November 13, 2010. 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 31,410,302 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. End
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