VANCOUVER, June 12, 2020 /CNW/ - Group Eleven Resources
Corp. (TSX.V: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven"
or the "Company") is pleased to announce a non-brokered
private placement (the "financing") totalling 1,000,000 units at a
price of $0.05 per unit for gross
proceeds of $50,000. 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.
Use of proceeds will be for exploration, as well as, general and
administrative purposes. The financing is subject to regulatory
approval and is expected to close immediately after the close of
the second tranche of the transaction with Glencore Canada
announced on May 15, 2020. 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 the Republic of
Ireland.
Additional information about the Company is available at
www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Bart Jaworski"
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.