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Group Eleven Announces Early Exercise of Warrants by Michael Gentile and Expanded Drill Program at Ballywire
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2024) - Group Eleven Resources Corp. (T...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"Group Eleven Announces Early Exercise of Warrants by Michael Gentile and Expanded Drill Program at BallywireVancouver, British Columbia--(Newsfile Corp. - August 28, 2024) - Group Eleven Resources Corp. (TSXV: ZNG) (OTCBB: GRLVF) (FSE: 3GE) (\"Group Eleven\" or the \"Company\") is pleased to announce that it has received $800,562 from recent warrant exercises and that it has expanded the 2024 drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery (\"Ballywire\") on the PG West Project (\"PG West\"), Republic of Ireland. All currency in this news release is denominated in Canadian dollars.Since the closing of the Company's $3,000,000 non-brokered private placement on December 22, 2023, Group Eleven has received $800,562 from the exercise of 6,671,349 warrants (originally issued as part of a private placement which closed on July 30, 2020) each with an exercise price of $0.12 and expiring October 28, 2024 (the \"Warrants\"). A total of 6,245,318 Warrants remains to be exercised, representing an additional $749,438 of potential proceeds to the Company.As part of the above, Michael Gentile exercised 5,000,000 Warrants for proceeds of $600,000. Mr. Gentile's share ownership prior to the exercise was 30,049,502 shares which represented 14.90% of the Company's 201,714,517 shares outstanding. After the exercise, Mr. Gentile's ownership totals 35,049,502 shares which represents 16.96% of the Company's 206,714,517 shares outstanding. Additional funds from the warrant exercises will allow the Company to significantly expand metres drilled in 2024 at the Ballywire discovery. Specifically, it is anticipated that the current two-rig drill campaign at Ballywire will now continue at full capacity until year-end, in parallel with the upcoming drill program at the Company's 76.56%-interest Carrickittle West prospect, Stonepark Project, Ireland. Drilling this year at Ballywire currently totals 5,325m (including 3,475m reported to date and six holes pending assay results), with the total for the year now expected to range from 7,000m to 8,000m.\"On behalf of the Board, I would like to sincerely thank Michael Gentile for his substantial early warrant exercise and continued steadfast support of the Company\" stated Bart Jaworski, CEO. \"I would also like to thank the other warrant holders who have supported us with early exerc...