VANCOUVER, April 30, 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 second and final tranche of its non-brokered
private placement (the "Private Placement") through the
issuance of 533,300 units ("Units") at a subscription price
of $0.12 per Unit for aggregate gross
proceeds of $63,996. In total, the
Company issued 3,883,265 Units for aggregate gross proceeds of
$465,872 in this Private
Placement.
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 $3,150 are
payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 26,250 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 a mineral exploration company focused on advanced stage
zinc exploration in Ireland. The
Company's large land package allows Group Eleven to leverage new
geological approach and geophysical technology to systematically
rethink key aspects of the Irish zinc district. The Company's two
key projects in Ireland include: a
60% interest in the Ballinalack project (joint ventured with
Nonfemet - one of the largest zinc producers in China), located in north-east Ireland, hosting potential Navan Bed
mineralization in the Pale Beds; and a 75.56% interest in the
Stonepark project (joint ventured with Arkle Resources plc),
located near Limerick, next to one
of the world's largest undeveloped zinc deposits: Glencore's Pallas
Green deposit. 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.