Group Ten Announces Private Placement Financings Totaling $1.77 Million, Including Investment by Sprott Asset Management
2019年11月11日 - 11:00PM
Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF; FSE: 5D32)
(the “Company” or “Group Ten”) is pleased to announce
concurrent non-brokered private placements with projected total
gross proceeds to the Company of up to $1,770,000 through the
issuance of up to 11,000,000 units. As part of this financing,
Group Ten will issue up to 5 million non-flow-through units at a
price of 15 cents per unit for total gross proceeds of $750,000,
where each non-flow-through unit will consist of one common share
of the Company and one-half share purchase warrant. The Company
will also issue up to 6 million flow-through units at a price of 17
cents per unit for gross total proceeds of $1,020,000, where each
flow-through unit will consist of one flow-through common share of
the Company and one-half non-flow-through share purchase 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.
If, at any time after the closing date, the
closing price of Group Ten common shares on the TSX Venture
Exchange is greater than 37.5 cents per share for a period of 10
consecutive trading days, the Company may elect to accelerate the
expiry date of part or all of the warrants, at any date that is
four months and one day after the closing date, by giving notice
thereof to the holders of the warrants. In such case, that portion
of the warrants would be subject to an expiry date that is 30
business days after the date on which such notice is given by the
Company.
The Company is further pleased to announce the
inclusion of funds managed by Sprott Asset Management LP in the
flow-through financing.
Michael Rowley, CEO of Group Ten, commented: "We
are very pleased to have the support of one of the most prominent
funds in the mining industry. This investment in Group Ten
highlights the potential of our flagship Stillwater West PGE-Ni-Cu
project in Montana, and also the potential of our Canadian assets.
These funds put us in a strong position to advance our exciting
portfolio of assets.”
The private placements are subject to final TSX
Venture Exchange approval and units issued will be subject to a
hold period of four months and one day from their date of issuance,
under applicable Canadian securities law. Finder's fees may be paid
on portions of the planned financings.
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 StatementsThis
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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