Cliff Boychuk,
purchased on July 12, 2010, 766,738 units of Grizzly Discoveries
Inc. pursuant to a private placement. Each unit consisted of one
common share of Grizzly and one non-transferable warrant to purchase
an additional common share at a price of 50 cents until the earlier
of: (a) 30 days following the issuance of a news release by the
issuer that the trading price of the common shares on the TSX
Venture Exchange is at or greater than 80 cents per common share for
10 consecutive trading days; and (b) July 5, 2011. The 766,738
common shares forming part of the units represent 2.44 per cent of
the issued and outstanding common shares.
Following the purchase of the 766,738 units,
Mr. Boychuk will 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.
Mr. Boychuk purchased the units because he
believed that they were a good value at the offering price. At
present he has no intentions to increase his holdings in Grizzly,
but may do so if he perceives there is an opportunity to acquire
more common shares at a good
value
