/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
OR TO US PERSONS/
VANCOUVER, BC, June 1, 2021 /CNW/ - Group Ten Metals Inc.
(TSXV: PGE) (US OTCQB: PGEZF) (FSE: 5D32) (the "Company" or
"Group Ten") announces that it has amended the terms of
its previously announced offering of units. Under the amended terms
of the Offering (as defined herein) the Company has engaged
Canaccord Genuity Corp. and Research Capital to act as co-lead
agents on behalf of a syndicate of agents that includes Red Cloud
Securities Inc. (collectively, the "Agents") on a best efforts
agency basis in connection with a brokered private placement of up
to 15,000,000 units (the "Units") at a price of $0.40 per unit for gross proceeds of $6,000,000 (the "Offering"), subject to receipt
of all applicable regulatory approvals. There will no longer
be an option for the Agents to increase the size of the
Offering.
Each Unit shall consist of one common share (a "Common Share")
of the Company and one half of one common share purchase warrant
(each whole warrant a "Warrant"). Each Warrant will entitle the
holder to acquire one Common Share at a price of $0.55 per Warrant for a period of 24 months from
the closing date.
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.
It is anticipated that closing of the Offering will occur
June 16, 2021 or such other date as
the Company and the Agents may agree. The Offering is subject to
the satisfaction of certain conditions, including receipt of all
applicable regulatory approvals including the approval of the TSX
Venture Exchange. The securities to be issued under the Offering
will have a hold period of four months and one day from the
applicable closing date in accordance with applicable securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the U.S. Securities
Act of 1933 (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral
exploration company focused on the development of high-quality
platinum, palladium, nickel, copper, cobalt, and gold exploration
assets in top North American mining jurisdictions. The Company's
core asset is the Stillwater West PGE-Ni-Cu-Co + Au project
adjacent to Sibanye-Stillwater's high-grade PGE mines in
Montana, USA. Group Ten also holds
the high-grade Black Lake-Drayton Gold project adjacent to Treasury
Metals' development-stage Goliath Gold Complex in northwest
Ontario, and the Kluane
PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum's
Wellgreen deposit in Canada's
Yukon Territory.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical
facts including, without limitation, statements regarding
completion of the private placement financing, and the use of
proceeds therefrom, potential mineralization, historic production,
estimation of mineral resources, the realization of mineral
resource estimates, interpretation of prior exploration and
potential exploration results, the timing and success of
exploration activities generally, the timing of the timing and
results of future resource estimates, permitting time lines, metal
prices and currency exchange rates, availability of capital,
government regulation of exploration operations, environmental
risks, reclamation, titlefuture driling actiivities and the
locations of such drilling, and future plans and objectives of the
company are forward-looking statements that involve various risks
and uncertainties. Although Group Ten believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from those in forward-looking statements include
failure to obtain necessary approvals, lack of market interest in
the securities of the Company, the state of the securities markets
generally, the results of the Agents due diligence review,
unsuccessful exploration results, changes in project parameters as
plans continue to be refined, results of future resource estimates,
future metal prices, availability of capital and financing on
acceptable terms, general economic, market or business conditions,
risks associated with regulatory changes, defects in title,
availability of personnel, materials and equipment on a timely
basis, accidents or equipment breakdowns, uninsured risks, delays
in receiving government approvals, unanticipated environmental
impacts on operations and costs to remedy same, and other
exploration or other risks detailed herein and from time to time in
the filings made by the companies with securities regulators.
Readers are cautioned that mineral resources that are not mineral
reserves do not have demonstrated economic viability. Mineral
exploration and development of mines is an inherently risky
business. Accordingly, the actual events may differ materially from
those projected in the forward-looking statements. For more
information on Group Ten and the risks and challenges of their
businesses, investors should review their annual filings that are
available at www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Group Ten Metals Inc.