Group Eleven Closes Final Tranche of Non- Brokered Private Placement
Group Eleven Closes Final Tranche of Non-
Brokered Private Placement
VANCOUVER
,
April 30, 2019
/CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB:
GRLVF; FRA: 3GE) ("
Group Eleven
" or the "
Company)
is pleased to announce the closing of the
second and final tranche of its non-brokered private placement (the "
Private Placement
") through
the issuance of 533,300 units ("
Units
") at a subscription price of
$0.12
per Unit for aggregate gross
proceeds of
$63,996
. In total, the Company issued 3,883,265 Units for aggregate gross proceeds
of
$465,872
in this Private Placement.
Each unit will consist of one common share and one half non-transferrable common share purchase
warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the
capital of the Company at
$0.24
per share for two years from the date of issue.
Finder's fees of
$3,150
are payable in cash on a portion of the private placement to parties at arm's
length to the Company. In addition, 26,250 non-transferable finder's warrants are being issued (the
"
Finder's
Warrants
"). Each Finder's Warrant entitles a finder to purchase one common share at a
price of
$0.24
per share for two years from the date of issue.
Net proceeds of the financing will be used to fund the Company's focussed drill program on the
Ballinalack project and exploration on other projects in
Ireland
, as well as, general working capital.
This financing is subject to regulatory approval and all securities to be issued pursuant to the
financing are subject to a four-month hold period under applicable Canadian securities laws.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is a mineral exploration
company focused on advanced stage zinc exploration in
Ireland
. The Company's large land package
allows Group Eleven to leverage new geological approach and geophysical technology to
systematically rethink key aspects of the Irish zinc district. The Company's two key projects in
Ireland
include: a 60% interest in the Ballinalack project (joint ventured with Nonfemet - one of the
largest zinc producers in
China
), located in north-east
Ireland
, hosting potential Navan Bed
mineralization in the Pale Beds; and a 75.56% interest in the Stonepark project (joint ventured with
Arkle Resources plc), located near
Limerick
, next to one of the world's largest undeveloped zinc
deposits: Glencore's Pallas Green deposit. The Company's team includes accomplished mining
professionals with direct experience in finding mines, building companies and exploring Irish zinc
deposits.
Additional information about the Company is available at
www.groupelevenresources.com
.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski
, P.Geo.
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release. The securities being offered have not been, nor will they be registered under the United
States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold
within
the United States
or to, or for the account or benefit of, U.S. persons absent U.S. federal and
state registration or an applicable exemption from the U.S. registration requirements. This release
does not constitute an offer for sale of securities in
the United States
.
SOURCE
Group Eleven Resources Corp.
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For further information:
Spiros Cacos, MA, Vice President, Investor Relations,
[email protected] | T: +1 604 630 8839
CO: Group Eleven Resources Corp.
CNW 08:00e 30-APR-19