New Issue: Grizzly seals C$1.68 million placement of units with C$230,021 tranche

By Devika Patel

Knoxville, Tenn., July 14 - Grizzly Discoveries Inc. said that it closed the second and final tranche of a C$1.68 million non-brokered private placement of units for C$230,021. The first tranche settled for C$1.45 million on July 6.

The company sold 3,196,595 units at C$0.30 per unit for C$958,979 and 1.4 million flow-through units at C$0.35 each for C$490,000 in the first tranche. It sold an additional 766,738 units for C$230,021 in the second tranche.

Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.50 until July 5, 2011.

Each flow-through unit consists of one flow-through common share and one warrant, with each warrant exercisable at C$0.60 until July 5, 2011.

Proceeds will be used for exploration, working capital and general corporate purposes.

The diamonds and precious metals explorer is based in Edmonton, Alta.

Issuer:	Grizzly Discoveries Inc.
Issue:	Flow-through units of one flow-through common share and one warrant, units of one common share and one warrant
Amount:	C$1,679,000
Warrants:	One warrant per unit
Warrant expiration:	July 5, 2011
Agent:	Non-brokered
Settlement date:	July 6 (for C$1,448,979), July 14 (for C$230,021)
Stock symbol:	TSX Venture: GZD
Stock price:	C$0.25 at close July 6
Market capitalization:	C$6.25 million
Units
Amount:	C$1,189,000
Units:	3,963,333
Price:	C$0.30
Warrant strike price:	C$0.50
Flow-through units
Amount:	C$490,000
Units:	1.4 million
Price:	C$0.35
Warrant strike price:	C$0.60

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