Group Ten Closes $1.5 Million First Tranche of Private Placement, Confirms Drill Contract for Stillwater West PGE-Ni-Cu Proje...
2019年8月6日 - 9:30PM
Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32)
(the “Company” or “Group
Ten”) announces that it has closed the
first tranche of its previously announced non-brokered private
placement by issuing 10,715,850 units (the “Units”) at a price of
$0.14 per Unit for gross proceeds of $1,500,499. Each Unit consists
of one common share and one half-share purchase warrant (the
“Warrant”). Each full Warrant entitles the holder to acquire one
common share at $0.21 per share for 36 months following closing.
The net proceeds from the offering are planned
for exploration at the Company’s Stillwater West PGE-Ni-Cu project
in Montana, USA and for working capital purposes. Red Cloud
Klondike Strike Inc. acted as finder for a portion of the offering.
A total of $40,138.92 and 287,028 finder’s warrants were issued in
connection with the first tranche of the private placement. Each
finder’s warrant is exercisable for one common share on the same
terms as the Warrants.
President and CEO Michael Rowley stated: “We are
very pleased with the response to both our 2019 program and now our
placement. Our exploration team is in place and our drill
contractor is now mobilizing to site to begin work in the near
term. We look forward to making further announcements in this
regard soon.”
The Warrants are subject to accelerated expiry
if the closing price of the common shares on the TSX Venture
Exchange is greater than $0.32 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.
All securities issued under the private
placement are subject to a hold period of four months and one day
from issuance in accordance with applicable securities laws and the
policies of the TSX Venture Exchange.
This news release does not constitute an offer
of securities for sale in the United States. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and such
securities may not be offered or sold within the United States
absent U.S. registration or an applicable exemption from U.S.
registration requirements.
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 & Director |
|
Email: info@grouptenmetals.com |
Phone: (604) 357 4790 |
Web:
http://grouptenmetals.com |
Toll 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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