The Prospector News

Glencore Canada Corporation Acquires Shares and Warrants of Group Eleven Resources Corp.

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

Glencore Canada Corporation Acquires Shares and Warrants of Group Eleven Resources Corp.






Glencore Canada Corporation a wholly-owned indirect subsidiary of Glencore AG, announces that it has purchased 8,400,000 units of Group Eleven Resources Corp. with each Group Eleven Unit consisting of one common share in the capital of Group Eleven issued from treasury and one-half of one Common Share purchase warrant at a price of C$0.12 per Group Eleven Unit for total gross proceeds to Group Eleven of C$1,008,000. The Warrants are exercisable at a price of C$0.24 per Common Share for a period of 36 months from October 11, 2019.


Group Eleven is a mineral exploration company focused on advanced stage zinc exploration in Ireland that is listed on the TSX Venture and Frankfurt Stock Exchanges, and quoted for trading on the OTCQB Venture Market in the United States. Group Eleven’s two key projects in Ireland include a 60% interest in the Ballinalack project and a 75.56% interest in the Stonepark project located near Limerick, adjacent to Glencore’s Pallas Green deposit. Group Eleven’s head office is located at 22 Northumberland Road, Ballsbridge, Dublin 4, Ireland.


Immediately prior to the completion of the Investment, Glencore Canada did not own or have control over any Common Shares or other securities of Group Eleven. Following the completion of the Investment, Glencore Canada owns 8,400,000 Common Shares and 4,200,000 Warrants, representing approximately 11.58% of the then issued and outstanding Common Shares on a non-diluted basis, and 16.41% of the issued and outstanding Common Shares on a partially-diluted basis. The foregoing ownership percentages are based on Group Eleven having 64,159,504 Common Shares outstanding as of October 10, 2019, as disclosed to Glencore in transaction agreements related to the Investment.


Glencore Canada is acquiring its Group Eleven Units for investment purposes. Glencore Canada will continue to monitor the business, prospects, financial condition and potential capital requirements of Group Eleven. Depending on its evaluation of these and other factors, Glencore Canada may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Group Eleven Units or other securities of Group Eleven through market transactions, private agreements, subscriptions from treasury or otherwise.


Posted October 15, 2019

Share this news article


Uranium Energy Corp Confirms Intention to Acquire UEX Corporation

More than 38% of eligible UEX securities have already been tender... READ MORE

August 6, 2022


Infinitum Copper Corp. (TSX-V: INFI) (OTCQB: INUMF)  is pleased ... READ MORE

August 6, 2022

Energy Fuels Announces Q2-2022 Results, Including Continued Robust Balance Sheet and Market-Leading U.S. Uranium & Rare Earth Positions

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR) reported its financial ... READ MORE

August 6, 2022


Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) ... READ MORE

August 6, 2022

Fosterville South Reports Assays from Drilling at Comet-New Trojan at Lauriston Project, Golden Mountain Project and Providence Project

Fosterville South Exploration Ltd. (TSX-V: FSX) (OTCQX: FSXLF) (G... READ MORE

August 5, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News