Group Eleven Closes First Tranche of Private Placement – Michael Gentile, CFA, Increases Partially Diluted Ownership to 19.9%
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Group Eleven Closes First Tranche of Private Placement –
Michael Gentile, CFA, Increases Partially Diluted Ownership to 19.9%
Vancouver, Canada, December 30, 2020 – Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE)
(“Group Eleven” or the “Company”) is pleased to announce the closing of the first tranche of a non-brokered
private placement (the "Offering") through the issuance of 11,584,615 shares to Michael Gentile, CFA, at a
subscription price of $0.065 per share for aggregate gross proceeds to the Company of $753,000. This
strategic investment in Group Eleven by Mr. Gentile increases his ownership in the Company to 19.90% on a
partially diluted basis, upon completion of the Offering.
“Group Eleven at current levels is one of the more compelling investments I’ve seen, with the advanced
Stonepark asset along with the recent impressive discovery holes at Carrickittle. In my opinion this, combined
with a large regional land package offering several additional compelling exploration targets, is the primary
reason why I believe Group Eleven is dramatically undervalued and on the cusp of a major re-rating by the
market”.
Bart Jaworski, CEO, commented “Group Eleven welcomes the strategic investment by Mr. Gentile, a sign of
his commitment to the Company and our projects. We look forward to using this investment to continue
exploration in Ireland, especially in the Limerick region where we believe there is significant potential for a
major discovery within our Stonepark and PG West properties.”
From 2003 to 2018, Michael Gentile worked as a professional money manager at Formula Growth Ltd., an
independent investment management firm established in Montreal in 1960 with a long-term track record of
creating investor wealth. While at Formula Growth, Mr. Gentile’s main sector focuses were in mining and
natural resources. In 2012, he became the co-manager of the Formula Growth Alpha Fund, a market neutral
hedge fund focused on small to mid-cap equities. Throughout his career at Formula Growth, Michael was an
early-stage investor in very successful mining and natural resource investments returning multiples of their
original investments for their investors. In October 2018, Mr. Gentile retired from full time money
management in order to be able to spend more time with his family. Subsequently, he has remained a very
active investor in the mining space owning significant top 5 stakes in over 10 small cap-mining companies.
Mr. Gentile is currently one of the largest shareholders and a strategic advisor of Radisson Mining Resources
(RDS-V) since May 2019 and Arizona Metals (AMC-V) since December 2020. In addition, Mr. Gentile is the
largest single shareholder of and has been a board member of Northern Superior Resources (SUP-V) since
December 2019, Roscan Gold (ROS-V) since January 2020 and Solstice Gold (SGC-V) since June 2020.
Proceeds from the Offering will be used to fund further mineral exploration on the Company’s projects in
Ireland, including drilling at the Company’s Carrickittle zinc -lead prospect, as well as, general and
administrative purposes. The Offering is subject to regulatory approval and all securities to be issued
pursuant to the financing are subject to a hold period under applicable Canadian securities legislation that
expires four months and one day after the closing date of the Offering.
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The ownership percentages of common shares described above are based on the Company having
114,392,837 shares outstanding as of the date of this news release and 137,469,837 shares outstanding upon
completion of the Offering.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company
focused on advanced stage zinc exploration in the Republic of Ireland.
Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Bart Jaworski”
Bart Jaworski, P.Geo.
Chief Executive Officer
For more information, please contact:
Shaun Heinrichs
Chief Financial Officer
E: [email protected] | T: +1 604 630 8839
Cautionary Note Regarding Forward-Looking Information
This press release contains forward -looking statements within the meaning of applicable securities
legislation. Such statements include, without limitation, statements regarding the expected use of
proceeds, future results of operations, performance and ac hievements of the Company, including the
timing, content, cost and results of proposed work programs, the discovery and delineation of mineral
deposits/resources/ reserves and geological interpretations. Although the Company believes that such
statements a re reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, w hich, by their nature, refer to future events.
The Company cautions investors that any forward-looking statements by the Company are not guarantees
of future results or performance, and that actual results may differ materially from those in forward
looking statements as a result of various factors, including, but not limited to, variations in the nature,
quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure
filings may be accessed via www.sedar.com and rea ders are urged to review these materials, including
the technical reports filed with respect to the Company's mineral properties.