VANCOUVER, April 3, 2019 /CNW/ - Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) ("Group Eleven" or the "Company) is pleased to announce the closing of the first tranche of a non-brokered private placement (the "Private Placement") through the issuance of 3,348,965 units ("Units") at a subscription price of $0.12 per Unit for aggregate gross proceeds to the Company of $401,876.
Each unit will consist of one common share and one half non-transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.24 per share for two years from the date of issue.
Finder's fees of $10,844 are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition, 90,370 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 $0.24 per share for two years from the date of issue.
Net proceeds of the financing will be used to fund the Company's focussed drill program on the Ballinalack project and exploration on other projects in Ireland, as well as, general working capital.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is focused on zinc exploration in Ireland. The Company's large land package (89 prospecting licenses totalling 2,900 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark (with Joint Venture partner Arkle Resources), Silvermines and Tralee. The Company's team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.
Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
SOURCE Group Eleven Resources Corp.
For further information: Spiros Cacos, MA, Vice President, Investor Relations, E: [email protected] | T: +1 604 630 8839