Group Eleven Closes $2.5 Million Non-Brokered Private Placement - Michael Gentile, CFA Maintaining 19.9% Partially Diluted Interest

About this update from Group Eleven Resources Corp.

Group Eleven Closes $2.5 Million Non-Brokered Private Placement - Michael Gentile, CFA Maintaining 19.9% Partially Diluted Interest /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire VANCOUVER, BC , Feb. 23, 2022 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) (the " Company ") is pleased to announce that it has closed its non-brokered private placement (the " Placement "), initially announced on February 3 rd , 2022 and subsequently increased on February 4 th , 2022, totalling $2,499,800 through the issuance of 20,831,666 units of the Company at a price of $0.12 per unit. All currency is denominated in Canadian dollars. Each unit consists of one common share (a " Common Share ") and one half non-transferrable Common Share purchase warrant (each full warrant, a " Warrant "). Each Warrant entitles the holder thereof to purchase one additional Common Share in the capital of the Company at $0.18 per Common Share for 24 months from the date of issue. Proceeds from the Placement will be used to accelerate mineral exploration in Ireland , including the funding of drill programs at the Company's Ballywire, Carrickittle and Tullacondra prospects at the PG West project (100%-interest), as well as, for general and administrative purposes. The Placement is subject to regulatory approval and all securities to be issued pursuant to the Placement are subject to a hold period under applicable Canadian securities legislation that expires four months and one day after the closing date of the Placement. Finder's fees of $68,220 are payable in cash on a portion of the Placement to parties at arm's length to the Company. In addition, 568,500 non-transferable finder's warrants are being issued (the " Finder's Warrants "). Each Finder's Warrant entitles a finder to purchase one Common Share at a price of $0.18 per Common Share for 24 months from the date of issue. Pursuant to a subscription agreement with the Company, Mr. Michael Gentile subscribed for 3,016,666 Units of the Placement, for gross proceeds of $362,000 . Immediately prior to entering into the subscription agreement, Mr. Gentile had ownership and control of 23,34...

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