Grizzly Discoveries Announces Cancellation of Private Placement
14 November 2012 - 5:13PM
Marketwired
Grizzly Discoveries Inc. (TSX
VENTURE:GZD)(OTCQX:GZDIF)(FRANKFURT:G6H) ("Grizzly" or the
"Company") and Northern Securities Inc. (the "Agent") have mutually
agreed to cancel the best efforts private placement of Units and
Flow-Through Units originally announced and subsequently amended on
October 18, 2012 due to unfavourable market conditions.
Management has assessed that financing is currently not
available at terms acceptable to the Company in regards to
preserving as much as possible the Company's corporate structure,
and would cause unreasonable dilution to its existing shareholders.
The Company is currently reviewing its exploration plans for the
upcoming year in order to maximize the impact of its current
available working capital of approximately $1.5 million.
About Grizzly Discoveries Inc.
Grizzly trades on the TSX Venture Exchange under the symbol GZD,
on the OTCQX exchange under the symbol GZDIF, and the Frankfurt
Exchange under the symbol G6H, with 48,725,268 common shares issued
and outstanding.
Grizzly is an aggressive and diversified Canadian mineral
exploration company exploring for: potash in Alberta; world class
gold and base metal deposits in British Columbia; and diamonds in
Alberta. Grizzly holds, or has an interest in, metallic and
industrial mineral permits for potash totaling more than 2.4
million acres along the Alberta-Saskatchewan border. Grizzly
currently has four precious-base metal properties in British
Columbia totaling over 235,000 acres. Grizzly also currently holds
more than 600,000 acres in diamond properties, which host
diamondiferous kimberlites in the Buffalo Head Hills and Birch
Mountains of Alberta.
On behalf of the Board
Grizzly Discoveries Inc.
Brian Testo, President
Caution concerning forward-looking information
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of Grizzly in light of its experience,
current conditions, expectations of future developments and other
factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause Grizzly's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing; the
ability to satisfy the conditions of closing of the Offering;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at www.sedar.com. Grizzly
disclaims any obligation to update or revise any forward-looking
information or statements except as may be required by law.
Contacts: Grizzly Discoveries Inc. Brian Testo President (780)
693-2242 www.grizzlydiscoveries.com IR PRO COMMUNICATIONS Nancy
Massicotte Investor Relations 604-507-3377 or Toll Free:
1-866-503-3377ir@grizzlydiscoveries.com
www.irprocommunications.com