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Group Ten Metals Closes $1.5 Million First Tranche of Private Placement, Confirms Drill Contract for Stillwater West PGE-Ni-Cu Project in Montana, USA
VANCOUVER, British Columbia, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) announce
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) announces that it has closed the first tranche of its previously announced non-brokered private placement by issuing 10,715,850 units (the “Units”) at a price of $0.14 per Unit for gross proceeds of $1,500,499. Each Unit consists of one common share and one half-share purchase warrant (the “Warrant”). Each full Warrant entitles the holder to acquire one common share at $0.21 per share for 36 months following closing. The net proceeds from the offering are planned for exploration at the Company’s Stillwater West PGE-Ni-Cu project in Montana, USA and for working capital purposes. Red Cloud Klondike Strike Inc. acted as finder for a portion of the offering. A total of $40,138.92 and 287,028 finder’s warrants were issued in connection with the first tranche of the private placement. Each finder’s warrant is exercisable for one common share on the same terms as the Warrants. President and CEO Michael Rowley stated: “We are very pleased with the response to both our 2019 program and now our placement. Our exploration team is in place and our drill contractor is now mobilizing to site to begin work in the near term. We look forward to making further announcements in this regard soon.” The Warrants are subject to accelerated expiry if the closing price of the common shares on the TSX Venture Exchange is greater than $0.32 for 10 consecutive trading days. In this case, the Company may elect to accelerate expiry of some or all of the Warrants to expire on the first day that is 30 business days after the Company’s election. All securities issued under the private placement are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements. About Group Ten Metals Inc. Group Ten Metals Inc. is a TSX-V-listed Canadian min...