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Group Ten Metals Announces Private Placement of up to $2 Million and Commencement of 2019 Field Exploration and Drilling Program at Stillwater West PGE-Ni-Cu Project in Montana, USA
VANCOUVER, British Columbia, July 29, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) is pleas
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, July 29, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) is pleased to announce a non-brokered private placement for aggregate gross proceeds of up to $2 million (the \"Offering\") through the issuance of approximately 14 million units of the Company (the “Units”) at a price of $0.14 per Unit. Red Cloud Klondike Strike Inc. is acting as a finder in connection with the Offering. Each Unit consists of one common share of the Company and one half-share purchase warrant (the “Warrant”). Each full warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.21 per share for a period of 36 months following the closing date of the private placement. If, at any time after the closing date, the closing price of the Company’s common shares on the TSX Venture Exchange is greater than C$0.32 per share for a period of 10 consecutive trading days, the Company may elect to accelerate the expiry date of part or all of the Warrants, at any date that is 4 months and one day after the date of issuance of the Warrants, by giving notice thereof to the holders of the Warrants and, in such case, that portion of the Warrants will expire on the first day that is 30 business days after the date on which such notice is given by the Company. The net proceeds from the Offering will be used for exploration at the Company’s Stillwater West PGE-Ni-Cu project in Montana, USA and working capital purposes. The Offering complements more than $1.08 million raised to date by the voluntary exercise of warrants issued as part of the private placement financing completed in February 2017. Such exercises are on-going and are expected to continue as the warrants approach expiration in February 2020. A total of 18,477,553 warrants remain outstanding at an exercise price of $0.12 per warrant, providing the Company with up to $2.2 million in potential additional funding. President and CEO Michael Rowley stated: “We are very excited to be launching our 2019 field program at Stillwater West. Since acquisition in 2017, our technical team has undertaken comprehensive compilation, modelling and data synthesis that has culminated in the identification of three advanced priority targets for follow-up drilling by Group Ten. As announced in our June 4,...