Proactive Investors - Run By Investors For Investors

Group Eleven Resources organizes C$1M private placement to fund drilling at Ballinalack zinc project

Net proceeds from the financing will also be put towards exploration on other projects in Ireland
Zinc in periodic table
Group Eleven Resources is focused on zinc exploration in Ireland

Group Eleven Resources Corp (CVE:ZNG) said Friday it is organizing a private placement financing that will raise roughly C$1 million to fund its drill program on the Ballinalack zinc project in Ireland.

The Vancouver-based company is looking to sell up to 8.4 million units at a price of C$0.12 per unit.

In addition to the drill program at Ballinalack, net proceeds from the financing will be put towards exploration on other projects in Ireland as well as general working capital.

READ: Group Eleven's resource estimate at Ballinalack shows over a billion pounds of zinc and lead

Under the terms of the deal, each unit consists of one common share and a one half common share purchase warrant. Each warrant entitles the holder to purchase one additional common share in the capital of the company at C$0.24 per share for two years from the date of issue.

The financing is still subject to regulatory approval and Group Eleven has hired Canaccord Genuity Corp to act as its advisor for the offering.

Group Eleven Resources is focused on zinc exploration in Ireland. It has a large land package that boasts 89 prospecting licences over 2,900 sq km.

Ballinalack lies 50 km west of Boliden's world-class Navan zinc mine, the largest zinc mine in Europe.

The zinc project is a joint venture between Group Eleven (60% interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Ltd. (40% interest), one of the largest zinc producers in China.

Group Eleven shares closed at C$0.14 on Thursday.

Contact Ellen Kelleher at [email protected]


View full ZNG profile View Profile

Group Eleven Resources Ltd. Timeline

Related Articles

Entrepreneur Tony Sage
November 27 2018
The company is firming up supplies of copper and cobalt in the DRC and Zambia.
April 01 2019
In addition to the Mogale alloys plant, Arafak also runs the Stellite, Mecklenburg and Vlakpoort mines
Gold ingots
February 08 2019
The Brett gold property, which the company bought for $1.6 million in 2013, is a potential multi-million ounce system with multiple high grade targets.
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use