Group Eleven Resources Corp. (TSX-V: ZNG) (OTC: GRLVF) (FRA: 3GE) is pleased to announce the closing of the second and final tranche of the non-brokered private placement with Glencore Canada Corporation, previously announced on May 22, 2019, through the issuance of 12,800,000 units at a price of $0.05 per unit for gross proceeds of $640,000. All currency is denominated in Canadian dollars.
Each unit will consist of one common share and one half non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at $0.10 per share for 36 months from the date of issue.
The proceeds from the Placement will be used for exploration 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.
About Group Eleven Resources
Group Eleven Resources Corp. is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland.
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