Business
Group Eleven Closes First Tranche of Non-Brokered Private Placement
Group Eleven Closes First Tranche of Non-Brokered Private Placement Canada NewsWir...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n\n\n\nGroup Eleven Closes First Tranche of Non-Brokered Private Placement\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\nCanada NewsWire\nVANCOUVER, April 3, 2019\n\n\n\nVANCOUVER, April 3, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: 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 \"Private Placement\") through the issuance of 3,348,965 units (\"Units\") at a subscription price of $0.12 per Unit for aggregate gross proceeds to the Company of $401,876.\n\n \n \n\n \nEach unit will consist of one common share and one half non-transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.24 per share for two years from the date of issue.\nFinder's fees of $10,844 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 90,370 non-transferable finder's warrants are being issued (the \"Finder's Warrants\"). Each Finder's Warrant entitles a finder to purchase one common share at a price of $0.24 per share for two years from the date of issue.\nNet proceeds of the financing will be used to fund the Company's focussed drill program on the Ballinalack project and exploration on other projects in Ireland, as well as, general working capital.  \nThis financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. \nAbout Group Eleven Resources\nGroup Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is focused on zinc exploration in Ireland. The Company's large land package (89 prospecting licenses totalling 2,900 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonep...