Grizzly Discoveries Inc (GZDIF)

[ComstockRoyalty]

NEWS: Grizzly Closes $1.6 Million Private Placement

EDMONTON, ALBERTA – April 25, 2022 -- Grizzly Discoveries Inc. (TSX-V: GZD; Frankfurt: G6H; OTCQB: GZDIF) ("Grizzly" or the "Company") is pleased to announce that, on April 22, 2022, it closed on a private placement (the “Offering”) by the issuance of 2,383,340 Units (as defined below) and 25,026,670 FT Units (as defined below) at a price of $0.06 per Unit and per FT Unit for aggregate gross proceeds of $1,644,600.

Under the terms of the Offering, each Unit consisted of one common share of the Company (“Common Share”) and one 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 $0.08 per Common Share until April 22, 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. Grizzly will focus efforts on new high-priority battery metals (copper and cobalt) drill targets to be drilled during 2022. Recent geophysical results have outlined large areas with anomalous geological potential for new copper-cobalt discoveries.