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Group Eleven Closes C$12M Bought Deal Private Placement, Including Full Exercise of C$1.56M Underwriters' Option
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2026) - Group Eleven Resources Corp.
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About this update from Group Eleven Resources Corp.
[{"type":"text","content":"Group Eleven Closes C$12M Bought Deal Private Placement, Including Full Exercise of C$1.56M Underwriters' OptionVancouver, British Columbia--(Newsfile Corp. - March 11, 2026) - Group Eleven Resources Corp. (TSXV: ZNG) (OTCQB: GRLVF) (FSE: 3GE) (the \"Company\") is pleased to announce the closing of its previously-announced \"bought deal\" private placement for aggregate gross proceeds of C$12,000,825 (the \"Offering\") through the issuance of 13,334,250 common shares of the Company (the \"Common Shares\") at a price of C$0.90 per Common Share. The Offering was completed pursuant to an underwriting agreement between the Company, and ATB Cormark Capital Markets, as lead underwriter and sole bookrunner, and Beacon Securities Limited (together, the \"Underwriters\") and included the full exercise of the Underwriters' option.The Company intends to use the net proceeds from the Offering to expand and accelerate the remaining funded exploration drill program at Ballywire from approximately 17,000m to approximately 51,500m, to expand drilling at Stonepark from approximately 3,000m to approximately 15,500m, and for general corporate and working capital purposes.The Common Shares were offered and sold in Canada pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions, as amended by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The Common Shares were also offered and sold in certain jurisdictions outside of Canada where there would be no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval in such jurisdictions. The Common Shares issued under the Offering are not subject to a hold period, subject to the hold period imposed by the TSX Venture Exchange for an insider purchaser described below.In connection with the Offering, the Company paid the Underwriters an aggregate cash commission of C$468,139.50.Glencore Canada Corporation (\"Glencore\") did not exercise its participation right, which was triggered by the Offering. Following completion of the Offering, Glencore holds an approximate 13.0% ownership interest in the Company.A director of the Company (the \"Insider\") acquired Common Shares pursuant to the Offering. Participation by the Ins...