Group Ten Amends Oversubscribed Private Placement Financing
26 Novembro 2019 - 6:15PM
Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF; FSE: 5D32)
(the “Company” or “Group Ten”) announces that it has
amended the non-flow-through portion of its previously announced
non-brokered private placements resulting in the total issuance of
15,247,058 units for gross proceeds of $2,447,000, subject to the
final approval of the TSX Venture Exchange.
The Company issued 7,250,000 non-flow-through
units at a price of 15 cents per unit for total gross proceeds of
$1,087,500, where each non-flow-through unit consists of one common
share of the Company and one-half share purchase warrant (a
“Warrant”). The flow-through portion of the placements remained
unchanged, with Group Ten issuing 7,997,058 flow-through units at a
price of 17 cents per unit for gross total proceeds of $1,359,500.
Each flow-through unit consists of one flow-through common share of
the Company and one-half Warrant. Each whole Warrant will entitle
the holder to acquire one common share of the Company at an
exercise price of 25 cents for a period of 36 months following the
closing date of the private placements.
Warrants issued as part of the placements are
subject to accelerated expiry if the closing price of the common
shares on the TSX Venture Exchange is greater than $0.375 for 10
consecutive trading days. In this case, the Company may elect to
accelerate expiry of some or all of the Warrants to expire on the
first day that is 30 business days after the Company’s
election.
Securities issued under the private placement
are subject to a hold period expiring March 22, 2020 in accordance
with applicable securities laws and the policies of the TSX Venture
Exchange.
A total of 655,060 finder's units were issued in
connection the private placement, with each finder's unit being
identical to a non-flow-through unit, as defined above.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian
mineral exploration company focused on the development of
high-quality platinum, palladium, nickel, copper, cobalt and gold
exploration assets in top North American mining jurisdictions. The
Company’s core asset is the Stillwater West PGE-Ni-Cu project
adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana,
USA. Group Ten also holds the high-grade Black Lake-Drayton Gold
project in the Rainy River district of northwest Ontario and the
Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s
Wellgreen deposit in Canada‘s Yukon Territory.
FOR FURTHER INFORMATION, PLEASE
CONTACT: |
Michael Rowley, President, CEO & DirectorEmail:
info@grouptenmetals.comWeb: http://grouptenmetals.com |
Phone: (604) 357 4790Toll Free: (888) 432 0075 |
Forward-Looking Statements
This news release includes certain statements
that may be deemed "forward-looking statements". All statements in
this release, other than statements of historical facts, including,
without limitation, statements regarding plans for future
financing(s) and the timing and success of future exploration
activities are forward-looking statements that involve various
risks and uncertainties. Although Group Ten believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material
factors and assumptions. Factors that could cause actual results to
differ materially from those in forward-looking statements include
failure to obtain necessary approvals, unsuccessful exploration
results, changes in project parameters as plans continue to be
refined, availability of capital and financing on acceptable terms,
general economic, market or business conditions, availability of
personnel, materials and equipment on a timely basis, accidents or
equipment breakdowns, and other exploration or other risks detailed
herein and from time to time in the filings made by the companies
with securities regulators. Readers are cautioned that mineral
resources that are not mineral reserves do not have demonstrated
economic viability. Mineral exploration and development of mines is
an inherently risky business. Accordingly, the actual events may
differ materially from those projected in the forward-looking
statements. For more information on Group Ten and the risks and
challenges of their businesses, investors should review their
annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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