Grizzly Discoveries (TSX.V-GZD) has increased the planned exploration program budget for the 2010 season for Grizzly’s Greenwood Gold project of up to $2 million. This increases the drilling program to approximately 3,500 metres. Drilling commenced late June at the Copper Mountain target and are drilling continually on numerous other targets. Other targets at the Motherlode area, Dayton area and at Ket 28 are currently being evaluated for future drilling.
Grizzly has closed the second and final tranche of the non-brokered private placement with the sale of an additional 766,738 units at a price of $0.30 per unit for gross proceeds of $230,021. An insider to the company, Cliff Boychuk, has purchased the 766,738 units and Mr. Boychuk will now own or exercise control over 3,778,999 common shares (including 1,078,888 common shares held jointly with his spouse), representing 12.03 per cent of the issued and outstanding common shares. Mr. Boychuk also owns the following securities convertible into common shares: warrants exercisable at 65 cents per common share until June 30, 2011, to purchase 277,777 common shares; warrants to acquire 2.5 million common shares; and stock options to acquire 100,000 common shares at a price of 40 cents per common share. Assuming full exercise of all convertible securities, Mr. Boychuk will own or exercise control over 6,656,776 common shares, representing 19.41 per cent of the issued and outstanding common shares.
I believe this speaks volumes for his confidence in the potential of Grizzly Discoveries.