Business
Group Ten Metals Announces Upsizing of Private Placement Financing to $4.5 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":"Group Ten Metals Announces Upsizing of Private Placement Financing to $4.5 MillionNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.VANCOUVER, BC / ACCESSWIRE / July 10, 2020 / Group Ten Metals Inc. (\"Group Ten\" or the \"Company\") (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) is pleased to announce an increase to the size of the previously announced non-brokered private placement. The Company will raise up to $4,500,000 in aggregate gross proceeds via the issuance of up to 22,500,000 units. All other terms remain unchanged from the previous announcement on June 26, 2020. Closing of the offering is expected on or about July 15, 2020, and the issuance of units per the placement is subject to the approval of the TSX Venture Exchange.Net proceeds from the offering will be used for exploration at the Company's Stillwater West PGE-Ni-Cu project in Montana, USA, and for general working capital purposes.President and CEO Michael Rowley stated, \"We are very pleased to see such strong investment demand, with the oversubscribed private placement reflecting the unique opportunity presented by the Company's 100% owned Stillwater West project. The additional funding will enable an expanded field program at Stillwater West where we have identified a large-scale mineralized system in the lower Stillwater Complex with results that are comparable to the style of mineralization found in the Platreef of South Africa's Bushveld Complex, host to some of the world's largest nickel-copper sulphide hosted PGE mines. We will also continue to advance high-grade gold targets, as summarized in recent news releases, with this year's field program.\"\"Geological mapping and sampling programs have been underway for several weeks on early stage targets, and we are now preparing for our second phase program. Phase two will include Induced Polarization (IP) geophysical surveys over the most advanced target areas to support step out expansion drilling in phase three. We are fully permitted for our program and look forward to providing additional updates from the exploration and 3D modelling programs that are now underway.\"2020 Field Exploration WebinarGroup Ten will be hosting a webinar on July 22nd, 2020, at 8:30am PST during which President & CEO, Michael Rowley, will provide an overview of the Company's exploration ...