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Group Eleven Enters Into a Non-Brokered Private Placement with Glencore Canada
Group Eleven Enters Into a Non-Brokered Private Placement with Glencore Canada Can...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n\n\n\nGroup Eleven Enters Into a Non-Brokered Private Placement with Glencore Canada\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 15, 2020\n\n\n\nVANCOUVER, May 15, 2020 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) (\"Group Eleven\" or the \"Company\") is pleased to announce it has entered into a subscription agreement (the \"Subscription Agreement\") with Glencore Canada Corporation (\"Glencore\") on a private placement basis (\"Offering\"). The Offering consists of 15,000,000 units at a price of $0.05 per unit for aggregate gross proceeds of $750,000, to be completed in two tranches. All currency amounts in this news release are denominated in Canadian dollars. Glencore is the owner of the Pallas Green project in Ireland, which hosts the Pallas Green deposit (an estimated mineral resource of 45.4 million tonnes of 7% zinc and 1% lead1 in the Inferred category). Group Eleven's adjacent Stonepark project hosts the Stonepark zinc deposit (an estimated mineral resource of 5.1 million tonnes grading 8.7% zinc and 2.6% lead2 in the Inferred category).\n\n \n \n \n \n \n \n\n \nInvestment Highlights\nSubject to TSX-V and shareholder approval, Glencore will invest a total of $750,000 to purchase 15,000,000 units in the capital of the Company at a price of $0.05 per unit Each unit will consist of one common share and one half of one 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 a price of $0.10 per share for 36 months from the date of issue The private placement is subject to TSX-V approval and will occur in two tranches - the first tranche of 2...