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Group Eleven Closes First Tranche of Private Placement - Michael Gentile, CFA, Increases Partially Diluted Ownership to 19.9%
Group Eleven Closes First Tranche of Private Placement - Michael Gentile, CFA, Increases ...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n \n \n \n Group Eleven Closes First Tranche of Private Placement - Michael Gentile, CFA, Increases Partially Diluted Ownership to 19.9%\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 Dec. 30, 2020\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 first tranche of a non-brokered private placement (the \"Offering\") through the issuance of 11,584,615 shares to\n \n Michael Gentile\n \n , CFA, at a subscription price of\n \n $0.065\n \n per share for aggregate gross proceeds to the Company of\n \n $753,000\n \n . This strategic investment in Group Eleven by Mr. Gentile increases his ownership in the Company to 19.90% on a partially diluted basis, upon completion of the Offering.\n \n \n \n \n \n \n \n \n \n \"Group Eleven at current levels is one of the more compelling investments I've seen, with the advanced Stonepark asset along with the recent impressive discovery holes at Carrickittle. In my opinion this, combined with a large regional land package offering several additional compelling exploration targets, is the primary reason why I believe Group Eleven is dramatically undervalued and on the cusp of a major re-rating by the market\".\n \n \n \n Bart Jaworski\n \n , CEO, commented \"Group Eleven welcomes the strategic investment by Mr. Gentile, a sign of his commitment to the Company and our projects. We look forward to using this investment to continue exploration in\n \n Ireland\n \n , especially in the Limerick region where we believe there is significant potential for a major discovery within our Stonepark and PG West properties.\"\n \n \n From 2003 to 2018,\n \n Michael Gentile\n \n worked as a professional money manager at Formula Growth Ltd., an independent investment management firm established in\n \n Montreal\n \n in 1960 with a long-term track record of creating investor wealth. While at Formula Growth, Mr. Gentile's main sector focuses were in mining and...