VANCOUVER, BC, July 21, 2020 /CNW/ - Group Eleven Resources
Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or
the "Company") is pleased to announce that it has increased
its previously announced non-brokered private placement (the
"Offering") from up to 16,666,667 units, at a price of
$0.06 per unit, for gross proceeds of
up to $1,000,000 to up to 25,833,333
units, at a price of $0.06 per unit,
for gross proceeds of up to $1,550,000. All currency is denominated in
Canadian dollars.
Each unit will consist of one common share and one half
non-transferable common share purchase warrant. Each warrant will
entitle the holder thereof to purchase one additional common share
in the capital of the Company at $0.12 per share for 36 months from the date of
issue.
Proceeds from the Offering will be used to fund exploration,
including follow-up drilling at the Company's recently discovered
zinc-lead zone near Carrickittle in Ireland, as well as, general and
administrative purposes. The Offering is 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 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 expected use
of proceeds, 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.