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Group Eleven Closes its Previously Announced Non-Brokered Private Placement of $1,500,000; Michael Gentile Maintaining 19.99% Partially Diluted Interest
Group Eleven Closes its Previously Announced Non-Brokered Private Placement of $1,500,000; Michae...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n \n \n \n Group Eleven Closes its Previously Announced Non-Brokered Private Placement of $1,500,000; Michael Gentile Maintaining 19.99% Partially Diluted Interest\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR FOR DISTRIBUTION TO U.S. WIRE SERVICES/\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 26, 2023\n \n \n /CNW/ -\n \n Group Eleven Resources Corp.\n \n (the \"\n \n Company\n \n \") (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) is pleased to announce that it has closed its non-brokered private placement (the \"\n \n Private Placement\n \n \"), as previously announced in the Company's news releases dated\n \n May 1, 2023\n \n and\n \n May 2, 2023\n \n .\n \n \n \n \n \n \n \n \n \n In connection with the Private Placement, the Company issued 16,666,666 units (each, a \"\n \n Unit\n \n \") at a price of\n \n $0.09\n \n per Unit for aggregate gross proceeds of approximately\n \n $1,500,000\n \n . Each Unit consists of one common share in the capital of the Company (a \"\n \n Common\n \n \n Share\n \n \") and one-half of one non-transferable Common Shares purchase warrant (each whole warrant, a \"\n \n Warrant\n \n \"). Each Warrant is exercisable into one Common Share at a price of\n \n $0.15\n \n per Common Share for a period of 36 months from the date of issuance. All currency in this news release is denominated in Canadian dollars.\n \n \n In connection with the Private Placement, the Company issued 102,600 finder's warrants (the \"\n \n Finder's Warrants\n \n \") and paid cash commissions of\n \n $9,234\n \n to certain arm's length finders (the \"\n \n Finders\n \n \"). Each Finder's Warrant entitles the Finder, on exercise thereof, to acquire one additional Common Share at a price of\n \n $0.09\n \n per Common Share for a period of 36 months from the date of issuance.\n \n \n The Company intends to use the proceeds from the Private Placement primarily for follow-up drilling on the Company's Ballywire zinc-lead-silver...