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Group Eleven Announces a Non-Brokered Private Placement for up to $1,500,005
Group Eleven Announces a Non-Brokered Private Placement for up to $1,500,005 Ca...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n \n \n \n Group Eleven Announces a Non-Brokered Private Placement for up to $1,500,005\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER\n \n ,\n \n Dec. 24, 2020\n \n /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) (\"\n \n Group Eleven\n \n \" or the \"\n \n Company\n \n \") is pleased to announce a non-brokered private placement (the \"\n \n Offering\n \n \") of up to 23,077,000 shares at a price of\n \n $0.065\n \n per share for gross proceeds of up to\n \n $1,500,005\n \n . All currency is denominated in Canadian dollars.\n \n \n \n \n \n \n \n \n \n Proceeds from the Offering will be used to fund further exploration on the Company's projects in\n \n Ireland\n \n , including drilling at the Company's zinc-lead zone near Carrickittle in\n \n Ireland\n \n , as well as, general and administrative purposes. The Offering is subject to regulatory approval, including approval by the TSX Venture Exchange,  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.\n \n \n Mr.\n \n Michael Gentile\n \n has agreed to subscribe for up to 11,584,615 shares under the Offering for aggregate cash consideration of\n \n $753,000\n \n .  Mr. Gentile presently beneficially owned and controlled, directly or indirectly, an aggregate of 11,765,333 shares and an aggregate of 5,000,000 share purchase warrants, each warrant entitling Mr. Gentile to purchase on additional share upon payment of additional consideration to the Company.  These shares and warrants represent approximately 10.29% of the Company's issued and outstanding shares on an undiluted basis and approximately 14.04% of the Company's issued and outstanding shares on a partially diluted basis.  Following the completion of the Offering, Mr. Gentile will beneficially own and control, an aggregate of 23,349,948 shares and 5,000,000 Warrants, representing approximately 16.99% ...