Yes, this will work. But I've seen a problem that if you open more than one of reference forms, any subsequent form will not fire the event.
Example
Friend withevents _form1 as Form1
Private sub ClickAButton
_form1 = new Form1
_form1.show
end sub
In _form1, define your event (Public Event UpdateTheGrid), then raise the event when closing the form. (RaiseEvent UpdateTheGrid).
I have not been able to get the event listener to fire on the second, third, forth, etc.. instance of the form
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