Grizzly corrects use-of-proceeds disclosure for up to $2M financing

GREENWOOD — Grizzly Discoveries Inc. has corrected how it says proceeds from the ordinary units in a planned private placement of up to $2 million would be used, removing an earlier reference to mineral-rights acquisitions.

In its Sept. 15 financing announcement, the company said proceeds from ordinary units would be used for general working capital and the acquisition of mineral rights. In a Sept. 29 clarification, Grizzly said those proceeds are intended for general working capital and exploration of the company’s mineral properties.

The stated uses for the other two types of units in the financing did not change. Proceeds from flow-through units are intended for exploration of Grizzly’s mineral properties, while proceeds from charitable mineral flow-through units are intended for exploration targeting critical minerals.

The Boundary Sentinel’s Sept. 17 story on the financing reported Grizzly’s original Sept. 15 disclosure, including that ordinary-unit proceeds would be used for general working capital and mineral-rights acquisitions. Grizzly has since corrected that disclosure, and the Sentinel is updating the record accordingly.

Grizzly did not announce changes to the financing size, unit prices, warrant terms, finder-fee provisions or anticipated closing schedule in its Sept. 29 notice. The placement remains subject to acceptance by the TSX Venture Exchange, and the company’s latest official disclosure describes the offering as planned rather than closed.

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