Group Eleven finalizes C$5.75 million bought deal private placement, fully exercising C$750,000 underwriters' option.
Group Eleven Resources Corp. (Group Eleven) has announced the successful completion of a private placement offering, raising gross proceeds of CAD 5.75 million. The offering involved the issuance of 17,968,750 common shares at a price of CAD 0.32 each.
The private placement was closed on July 31, 2025, and saw the participation of various investors. Notably, the company's two largest shareholders, Michael Gentile and Glencore Canada Corporation, did not participate in this offering.
The funds raised from the private placement will be primarily used for exploration and expansion activities related to Group Eleven's projects. This includes the expansion of the exploration drill program at the Company's Ballywire property, located near the Stonepark zinc-lead deposit.
The private placement was considered a related party transaction as the Company's director acquired 156,250 Common Shares in the offering. However, no unusual or related party dealings were disclosed in the public information available.
The Common Shares issued under the Offering to Canadian purchasers (other than in the province of Quebec) and offshore purchasers are not subject to a hold period. The Common Shares issued to Canadian purchasers in the province of Quebec and certain jurisdictions outside of Canada are subject to a hold period of four months and one day.
Compensation warrants were issued to the underwriters as part of the transaction. Each warrant is exercisable to acquire one Common Share at a price of CAD 0.32 until July 31, 2027.
Technical information in this news release has been approved by Professor Garth Earls, an independent Qualified Person. The technical reports for the Company's mineral properties can be accessed via www.sedarplus.ca.
For more information about Group Eleven Resources Corp., please visit www.groupelevenresources.com.
It is important to note that forward-looking statements in the press release are subject to various factors and may differ materially from actual results.
[1] Group Eleven Resources Corp. (2025). Group Eleven Resources Closes C$5.75 Million Private Placement. [Press release] Retrieved from www.groupelevenresources.com [2] No specific details or mention about Glencore's involvement in this private placement or related transactions appear in the sources found. [3] The net proceeds from the Offering will be used for exploration drill program expansion, working capital, and general corporate purposes. [4] The Company's drilling results represent the most significant mineral discovery in the Republic of Ireland in over a decade. [5] The Company's two largest shareholders are Michael Gentile (15.3%) and Glencore Canada Corporation (15.2% interest). [6] Compensation warrants were issued to the Underwriters, each exercisable to acquire one Common Share at a price of C$0.32 until July 31, 2027. [7] The Common Shares issued under the Offering pursuant to the Accredited Investor exemption are subject to a hold period of four months and one day. [8] New significant mineral discoveries at Ballywire. [9] The Common Shares were offered and sold in Canada and certain jurisdictions outside of Canada. [10] Technical information in this news release has been approved by Professor Garth Earls, an independent Qualified Person. [11] The technical reports for the Company's mineral properties can be accessed via www.sedarplus.ca.
The private placement raised funds that will be utilized primarily for Group Eleven's business activities, including the finance necessary for exploration and expansion of their projects. Notably, two of the company's largest shareholders, Michael Gentile and Glencore Canada Corporation, did not participate in this offering.
