Group Eleven Resources (ZNG.V) initially announced a C$1.5M placement but almost immediately had to upsize it to C$2.5M due to strong investor interest. The placement is priced at C$0.19 per unit with each unit consisting of a common share and half a warrant with each full warrant allowing the warrant holder to purchase an additional share at C$0.28 during a two year period.
The proceeds from this financing will be used to fund its exploration activities in Ireland where we undoubtedly will see additional drilling on the Ballywire discovery, which is part of the PG West project.
Disclosure: The author has a small long position in Group Eleven. Please read the disclaimer.
