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Group Eleven Increases Previously Announced Private Placement from $1,500,000 to $2,500,000, Michael Gentile, CFA Maintaining 19.99% Partially Diluted Interest
Group Eleven Increases Previously Announced Private Placement from $1,500,000 to $2,500,0...
About this update from Group Eleven Resources Corp.
[{"type":"text","content":"\n \n \n \n Group Eleven Increases Previously Announced Private Placement from $1,500,000 to $2,500,000, Michael Gentile, CFA 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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 4, 2022\n \n /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) (the \"\n \n Company\n \n \") is pleased to announce that, based on significant investor demand, the Company has increased the size of the previously announced private placement (the \"\n \n Placement\n \n \") from\n \n $1,500,000\n \n to up to\n \n $2,500,000\n \n , totalling the sale of up to 20,833,333 units of the Company at a price of\n \n $0.12\n \n per unit. All currency is denominated in Canadian dollars.\n \n \n \n \n \n \n \n \n \n Each unit will consist of one common share (a \"\n \n Common Share\n \n \") and one half non-transferrable common share purchase warrant (each full warrant, a \"\n \n Warrant\n \n \"). Each Warrant will entitle the holder thereof to purchase one additional Common Share in the capital of the Company at\n \n $0.18\n \n per share for 24 months from the date of issue.\n \n \n Use of proceeds from the Placement will be for mineral exploration in\n \n Ireland\n \n , including at the Company's Ballywire zinc prospect at the PG West project (100%-interest), as well as general and administrative purposes. The Placement is subject to regulatory approval and all securities to be issued pursuant to the Placement are subject to a hold period under applicable Canadian securities legislation that expires four months and one day after the closing date of the Placement.\n \n \n Glencore Canada Corporation (\"\n \n Glencore\n \n \") has a right to participate pro-rata in equity financings of Group Eleven, provided that Glencore's equity ownership in the Company remains above 10%.\n \n \n Mr.\n \n Michael Gentile\n \n currently holds 23,349,948 Common Shares and 5,000,000 share purchase Warrants, each Warrant entitling Mr. Gentile to purchase one additional Common Share upon pa...