Business
Group Ten Metals Closes $4.5 Million Private Placement Financing and Launches Phase Two Exploration Program at the Stillwater West PGE-Ni-Cu-Co Project in Montana, USA
VANCOUVER, BC / ACCESSWIRE / July 17, 2020 / Group Ten Metals Inc. (" Group Ten " or the " C...
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":"Group Ten Metals Closes $4.5 Million Private Placement Financing and Launches Phase Two Exploration Program at the Stillwater West PGE-Ni-Cu-Co Project in Montana, USAVANCOUVER, BC / ACCESSWIRE / July 17, 2020 / Group Ten Metals Inc. (\"Group Ten\" or the \"Company\") (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) is pleased to announce it has closed its previously announced $4,500,000 financing, subject to the final approval of the TSX Venture Exchange.A total of 22,500,000 units were issued at a price of $0.20 per unit (a \"Unit\"), with each Unit consisting of one common share of the Company (a \"Share\") and one share purchase warrant (a \"Warrant\"), with each Warrant entitling the holder to acquire one additional common share of the Company at a price of $0.30 per share until July 17, 2023. Finder's fees of $78,000 cash, 551,550 finder's units and 390,000 compensation option were paid/issued in connection with the financing. Each finder's unit consists of one Share and one Warrant. Each compensation option entitles the holder to acquire one Unit at an exercise price equal to the Unit price for a period of 36 months.All securities issued are subject to a hold period expiring November 18, 2020 in accordance with applicable securities laws as well as the policies of the TSX Venture Exchange.Proceeds from the offering will be used for exploration at the Company's Stillwater West platinum group element (\"PGE\")-Ni-Cu-Co project in Montana, USA, and for general working capital purposes.President and CEO Michael Rowley stated, \"We are pleased to welcome a number of experienced mining investors to Group Ten through this placement including a lead order from Palisades Goldcorp Ltd alongside other new institutional investors. The financing also received strong support from existing shareholders, including insiders. The additional funding will enable an expanded program at our flagship Stillwater West project where we own the second largest land position in the Western hemisphere's most productive PGE district, adjacent to Sibanye-Stillwater's three world-class palladium-platinum mines.Our work at Stillwater West has demonstrated the potential for multiple \"Platreef-style\" deposits - bulk tonnage nickel and copper sulphide mineralization enriched in palladium, platinum, gold, rhodium and cobalt - in the lower Stillwater Complex stratigraphy, ...