VANCOUVER, May 25, 2020 /CNW/ - Group Eleven Resources
Corp. (TSX.V: ZNG; OTC: GRLVF; FRA: 3GE) ("Group Eleven" or
the "Company") is pleased to announce the closing of the
first tranche of the non-brokered private placement ("Offering")
with Glencore Canada Corporation ("Glencore") through the issuance
of 2,200,000 units at a price of $0.05 per unit for gross proceeds of $110,000. All currency is denominated in Canadian
dollars.
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 $0.10 per share for 36 months from the date of
issue.
The remaining 12,800,000 units, to be closed in late
June 2020, are subject to approval by
shareholders of the Company at the Annual General and Special
Meeting scheduled on June 22, 2020
(full materials can be found on the Company's website
https://www.groupelevenresources.com/investors/agm-materials).
Both the first and second tranches of this financing are subject
to regulatory approval and all securities to be issued pursuant to
the financing are subject to a hold period under applicable
Canadian securities legislation that expires four months and one
day after the closing date of the Offering.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA:
3GE) is a mineral exploration company focused on advanced stage
zinc exploration in Ireland. The
Company's key project in Ireland
is a 76.56% interest in the Stonepark project (joint ventured with
Arkle Resources plc) and a 100% interest in the adjacent PG West
Project, located near Limerick,
next to one of the world's largest undeveloped zinc deposits:
Pallas Green deposit.
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
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of applicable securities legislation. Such statements
include, without limitation, statements regarding the future
results of operations, performance and achievements of the Company,
including the timing, content, cost and results of proposed work
programs, the discovery and delineation of mineral
deposits/resources/ reserves and geological interpretations.
Although the Company believes that such statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their
nature, refer to future events. The Company cautions investors that
any forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located. All of the Company's public disclosure filings may be
accessed via www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties.
SOURCE Group Eleven Resources Corp.