Group Eleven Enters Non-Brokered Private Placement

Group Eleven Resources (TSXV:ZNG,OTCQB:GRLVF) has announced a non-brokered private placement of up to 8.4 million units, priced at C$0.12 per unit, for proceeds of C$1,008,000.

Proceeds from the financing are set to go towards funding the company’s drill program on the Ballinalack project and exploration on other projects in Ireland, along with general working capital.

As stated in the press release:

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.

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. Directors, officers and employees of the Company may participate in a portion of the financing.

Group Eleven has engaged Canaccord Genuity Corp. to act as its financial advisor for the offering. The Company may compensate persons who act as finders for the Offering in accordance with the rules of the TSX Venture Exchange.

Click here to read the full press release from Group Eleven Resources.