Business
Group Eleven Resources Closes Final Tranche of Non-Brokered Private Placement
VANCOUVER, April 30, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company) is pleased to announce the
About this update from Group Eleven Resources Corp.
[{"type":"text","content":" VANCOUVER, April 30, 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 second and final tranche of its non-brokered private placement (the \"Private Placement\") through the issuance of 533,300 units (\"Units\") at a subscription price of $0.12 per Unit for aggregate gross proceeds of $63,996. In total, the Company issued 3,883,265 Units for aggregate gross proceeds of $465,872 in this Private Placement. Each 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. Finder's fees of $3,150 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 26,250 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. Net 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. This 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. About Group Eleven Resources Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. The Company's large land package allows Group Eleven to leverage new geological approach and geophysical technology to systematically rethink key aspects of the Irish zinc district. The Company's two key projects in Ireland include: a 60% interest in the Ballinalack project (joint ventured with Nonfemet - one of the largest zinc producers in China), located in north-east Ireland, hosting potential Navan Bed mineralization in the Pale Beds; and a 75.56% interest in the Stonepark project (joint ventured with Arkle Resources plc), located near Limerick, next to one of the world's largest undeveloped zinc deposits: G...