CORRECTION FROM SOURCE: Grizzly Closes Private Placement

This release corrects and replaces the announcement made earlier today. 

Edmonton, Alberta--(Newsfile Corp. - March 24, 2022) - Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that it has closed on a private placement (the "Offering") by the issuance of 3,000,000 Units (as defined below) and 1,014,000 FT Units at a price of $0.05 per Unit and per FT Unit for gross proceeds of $200,700.

Under the terms of the Offering, each Unit consisted of one common share of the Company ("Common Share") and one non-transferable warrant ("Warrant"). Each FT Unit consisted 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 whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.075 per Common Share until the earlier of: (a) 30 days following the issuance of a news release by the Company that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.10 per Common Share for 10 consecutive trading days; and (b) March 24, 2024.

The Company intends to use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units on exploration of its Greenwood and Robocop mineral projects in British Columbia.

In connection with the Offering, the Company paid cash finder's fees totaling $4,002 and issued 80,040 Finder Warrants (with the same terms and expiry date as the Warrants) to registered dealers. The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants will be subject to restrictions on trading until July 25, 2022 in accordance with the policies of the TSX Venture Exchange.

Following closing of this first tranche of the Offering, the Company has 100,399,180 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.

Insiders subscribed for an aggregate of 540,000 Units representing gross proceeds of $27,000. The purchase of such Units is considered to be a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Company's market capitalization. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.

The Company did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Financing and the Company wished to close on an expedited basis for business reasons.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Chris Beltgens
Corporate Development
Tel: 604 282 6372
Email: cbeltgens@grizzlydiscoveries.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118073