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Group Ten Metals Completes C$6.0 Million Brokered Private Placement
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 Completes C$6.0 Million Brokered Private PlacementNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSON.VANCOUVER, BC / ACCESSWIRE / June 16, 2021 / Group Ten Metals Inc. (TSXV:PGE)(US OTCQB:PGEZF)(FSE:5D32) (the \"Company\" or \"Group Ten\") announced today that it has completed its previously announced private placement financing (the \"Offering\"). A total of 15 million units were sold for $0.40 per unit for gross proceeds of $6 million. The Offering was co-led by Canaccord Genuity Corp. and Research Capital on behalf of a syndicate of agents that included Red Cloud Securities Inc. (collectively, the \"Agents\").Each unit consisted of one common share and one-half of one warrant. Each whole warrant is exercisable for one common share for a period of 24 months at a price of $0.55.The net proceeds received from the Offering are planned to be used for exploration and development activities on the Company's flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA, and for working capital and general corporate purposes.Michael Rowley, President and CEO, commented: \"We are very pleased to report such strong interest in our 100%-owned Stillwater West project in Montana USA. The additional funding will accelerate and expand our 2021 field program which prioritizes drilling in the most advanced target areas where results are expected to provide the basis for a future update to the inaugural mineral resource estimate which is anticipated mid-2021. We are fully permitted for our planned multi-rig drill program and expanded geophysical survey and look forward to providing additional updates in the near term.\"The Company paid the Agents a cash commission of $244,764 and issued an aggregate of 611,910 broker warrants as consideration in connection with the Offering. Each broker warrant is exercisable for one common share for a period of 24 months at a price of $0.40. All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus a day from the date hereof in accordance with applicable Canadian securities laws. The Offering remains subject to final approval of the TSX Venture Exchange.The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minori...