Edmonton, Canada (PressExposure) July 29, 2010 -- Grizzly Discoveries Inc. (GZD:TSXV) ("Grizzly", or the "Corporation") is pleased to announce that the Board of Directors has approved an increase to the planned exploration program budget for the 2010 season for Grizzly's Greenwood Gold Project of up to $2.0 million. The increased exploration budget will be utilized to conduct aggressive ground exploration in the search for new drill targets and to increase the drilling program from about 1,200 m to approximately 3,500 m. Drilling commenced during late June at the Copper Mountain and Sappho target areas (See GZD news releases dated May 10, 2010 and October 14, 2009). Other targets at the Motherlode area, Dayton area and at Ket 28 are currently being evaluated for future drilling.
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" units of the Issuer ("FT Units") at a price of $0.35 per FT Unit, for gross proceeds of $1,678,999.90.
Each Unit consisted of one common share of the Corporation ("Common Share") and one non-transferable share purchase warrant ("Warrant") entitling the holder to acquire one additional Common Share at a price of $0.50 until the earlier of: (a) 30 days following the issuance of a news release by the Corporation that the trading price of the Common Shares on the TSX Venture Exchange is at or greater than $0.80 per Common Share for 10 consecutive trading days; and (b) July 5, 2011.
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.