Group Eleven Closes C$12M Bought Deal Private Placement, Including Full Exercise of C$1.56M Underwriters' Option

Core Viewpoint - Group Eleven Resources Corp. has successfully closed a private placement offering, raising gross proceeds of C$12,000,825 through the issuance of 13,334,250 common shares at a price of C$0.90 per share [1]. Group 1: Offering Details - The offering was completed under an underwriting agreement with ATB Cormark Capital Markets as the lead underwriter and Beacon Securities Limited as co-underwriter, including the full exercise of the underwriters' option [1]. - The net proceeds from the offering will be used to expand the exploration drill program at Ballywire from approximately 17,000 meters to 51,500 meters and at Stonepark from approximately 3,000 meters to 15,500 meters, along with general corporate and working capital purposes [2]. - The company paid the underwriters a cash commission of C$468,139.50 in connection with the offering [4]. Group 2: Shareholder Information - Glencore Canada Corporation did not exercise its participation right triggered by the offering, and after the offering, it holds approximately 13.0% ownership interest in the company [4]. - A director of the company participated in the offering, which is classified as a related party transaction. The company relied on exemptions from formal valuation and minority approval requirements as the transaction did not exceed 25% of the company's market capitalization [5]. Group 3: Company Background - Group Eleven Resources Corp. is recognized for drilling the most significant mineral discovery in the Republic of Ireland in over a decade, with the Ballywire discovery demonstrating high grades of various minerals [7]. - The Ballywire site is located 20 kilometers from the company's 77.64%-owned Stonepark zinc-lead deposit, which is adjacent to Glencore's Pallas Green zinc-lead deposit [7]. - The company's two largest shareholders are Michael Gentile with a 13.4% stake and Glencore Canada Corporation with a 13.0% stake [7].