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.