Source: Group Eleven Resources and CNW Group.
  • Group Eleven Resources (ZNG) will undertake a non-brokered private placement of up to C$1M
  • Proceeds will be primarily allocated to follow-up drilling on Group Eleven’s Ballywire zinc-lead-silver discovery in Ireland
  • Michael Gentile will participate in the financing to maintain his 19.99-per-cent ownership stake
  • Group Eleven Resources is a mineral exploration company focused on advanced-stage zinc exploration in Ireland
  • Group Eleven Resources (ZNG) last traded at $0.09 per share

Group Eleven Resources (ZNG) will undertake a non-brokered private placement of up to C$1M.

Proceeds will be primarily allocated to follow-up drilling on Group Eleven’s Ballywire zinc-lead-silver discovery at its 100-per-cent owned PG West Project in Ireland.

It will issue up to 11,111,111 units priced at $0.09 each.

Each unit consists of one common share and one-half-of-one non-transferrable common share purchase warrant.

Each warrant entitles the holder to purchase one common share for $0.15 for 36 months from the date of issue.

Renowned investor Michael Gentile has agreed to subscribe for up to 15 per cent of the financing which, if fully subscribed, would result in maintaining his ownership of approximately 19.99 per cent of the company’s issued and outstanding common shares on a partially diluted basis.

The financing is available to subscribers pursuant to the accredited investor and friends, family and business associate exemptions provided under National Instrument 45-106 Prospectus Exemptions.

All securities issued will be subject to a four-month hold period under applicable Canadian securities laws.

Group Eleven Resources is a mineral exploration company focused on advanced-stage zinc exploration in Ireland.

Group Eleven Resources (ZNG) last traded at $0.09 per share.

The materials provided in this article are for information only and should not be treated as investment advice. For full disclaimer information, please click here.


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