After seeing a strong initial demand for its C$1.5M placement, Group Eleven Resources (ZNG.V) has decided to increase the size of its capital raise to initially C$2M and now C$3M after a second upsize, at the same terms. Large shareholder Michael Gentile has confirmed he will subscribe for 1.25 million units (C$150,000) in this current financing.
The units are priced at C$0.12 and each unit will consist of one common share as well as half a warrant with each full warrant allowing the warrant holder to purchase an additional share at C$0.18 during a two year window from the date of issue.
The proceeds of the C$2M financing will be used to fund the follow-up drill program on the Ballywire zinc-lead-silver discovery at the PG West project in Ireland.
Disclosure: The author has a small long position in Group Eleven Resources. Please read the disclaimer.
