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Group Eleven Closes Final Tranche of Non-Brokered Private Placement
Group Eleven Closes Final Tranche of Non-Brokered Private Placement Canada News...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n \n \n \n Group Eleven Closes Final Tranche of Non-Brokered Private Placement\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, BC\n \n ,\n \n Jan. 11, 2021\n \n /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG) (OTC: GRLVF) (FRA: 3GE) (\"\n \n Group Eleven\n \n \" or the \"\n \n Company\n \n \") is pleased to announce the closing of the second and final tranche of a non-brokered private placement (the \"Offering\") through the issuance of 11,492,384 shares at a subscription price of\n \n $0.065\n \n per share for aggregate gross proceeds to the Company of\n \n $747,005\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 mineral exploration on the Company's projects in\n \n Ireland\n \n , 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.\n \n \n The Company issued 323,686 non-transferable finder's warrants (the \"Finder's Warrants\") related to a portion of the private placement to parties at arm's length to the Company. Each Finder's Warrant entitles a finder to purchase one common share at a price of\n \n $0.065\n \n per share for two years from the date of issue.\n \n \n Pursuant to its existing rights to maintain a pro rata position in the Company, Glencore Canada Corporation (\"Glencore\")  subscribed for 6,097,615 shares of the Offering, for gross proceeds of\n \n $396,345\n \n . Immediately prior to completion of the Offering, including Tranche 1 as announced on\n \n December 30, 2020\n \n , Glencore had ownership and control of 30,225,900 common shares and 15,112,950 warrants to purchase common shares, representing beneficial ownership and control of 26.42% of the outstanding common shares on a...