VANCOUVER, BC, June 29, 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
second and final tranche of the non-brokered private placement (the
"Placement") with Glencore Canada Corporation
("Glencore"), previously announced on May 22, 2019, through the issuance of 12,800,000
units at a price of $0.05 per unit
for gross proceeds of $640,000. 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 $0.10 per share for 36 months from the date of
issue.
The proceeds from the Placement will be used for exploration as
well as for general and administrative purposes. The Placement is
subject to regulatory approval and all securities to be issued
pursuant to the Placement are subject to a hold period under
applicable Canadian securities legislation that expires four months
and one day after the closing date of the Placement.
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 anticipated
use of proceeds from the Placement, 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.
