Group Eleven Resources Corp. Announces Closure of $2.5 Million Private Placement
Vancouver, British Columbia – Group Eleven Resources Corp. (TSXV: ZNG, OTC Pink: GRLVF, FSE: 3GE) is thrilled to share that it has successfully closed its non-brokered private placement, which raised a total of $2,500,000 in gross proceeds. This was accomplished by issuing 13,157,894 units (each, a “Unit”) at a price of $0.19 per Unit.
What’s in a Unit?
Each Unit consists of the following:
- One common share in the capital of the Company
- One-half of one common share purchase warrant (each whole warrant, a “Warrant”)
Funding the Future
The Company intends to utilize the net proceeds from this financing for exploration activities on its flagship projects in Ireland and Spain, as well as for general working capital and corporate purposes.
Impact on Shareholders
The successful closing of this private placement is a positive sign for Group Eleven’s shareholders. The influx of funds will allow the Company to advance its exploration efforts, potentially leading to new discoveries and increased value for shareholders.
Impact on the Mining Industry and the World
The mining industry, particularly in Europe, stands to benefit from Group Eleven’s exploration activities. The Company’s focus on Ireland and Spain could lead to the discovery of new mineral deposits, contributing to the growth and development of the mining sector in these countries.
Furthermore, the success of Group Eleven’s financing round is a positive sign for the mining industry as a whole. It demonstrates investor confidence in the sector and could encourage further investment in exploration and development projects.
Conclusion
Group Eleven Resources Corp.’s successful $2.5 million private placement is an exciting development for the Company and its shareholders. The funds raised will allow Group Eleven to advance its exploration efforts in Ireland and Spain, potentially leading to new discoveries and increased value for shareholders. Additionally, the positive impact on the mining industry and the potential for new discoveries could have far-reaching effects on the global mining sector.
As we look to the future, Group Eleven is poised to make significant strides in the mining industry. Stay tuned for updates on the Company’s exploration activities and discoveries.
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