NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
OR TO US PERSONS.
VANCOUVER, BC, May 25, 2021 /CNW/ - Group Ten Metals
Inc. (TSX.V: PGE) (US OTCQB: PGEZF) (FSE:
5D32) (the "Company" or "Group Ten") announces
that it has engaged Canaccord Genuity Corp. and Research Capital to
act as co-lead agents on behalf of a syndicate of agents that
includes Red Cloud Securities Inc. (collectively, the "Agents") on
a best efforts basis in connection with a brokered private
placement of up to 10,000,000 units (the "Units") at a price of
$0.40 per unit (the "Offering Price")
for gross proceeds of up to $4,000,000 (the "Offering"), subject to receipt
of all applicable regulatory approvals.
Each Unit shall consist of one common share (a "Common Share")
of the Company and one half of one common share purchase warrant
(each whole warrant a "Warrant"). Each Warrant will entitle the
holder to acquire one Common Share at a price of $0.55 per Warrant for a period of 24 months from
the closing date.
Net proceeds received from the Offering are planned to be used
for exploration and development activities on the Company's
flagship Stillwater West PGE-Ni-Cu-Co+Au project in Montana, USA, and for working capital and
general corporate purposes.
The Company has granted the Agents an option, exercisable, in
whole or in part, at any time up to two days prior to the closing
of the Offering, to sell up to an additional 2,500,000 Units at the
Offering Price for additional gross proceeds of up to $1,000,000.
It is anticipated that closing of the Offering will occur
June 16, 2021 or such other date as
the Company and the Agents may agree. The Offering is subject to
the satisfaction of certain conditions, including receipt of all
applicable regulatory approvals including the approval of the TSX
Venture Exchange. The securities to be issued under the Offering
will have a hold period of four months and one day from the
applicable closing date in accordance with applicable securities
laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the U.S. Securities
Act of 1933 (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
Michael Rowley, President and
CEO, commented, "We are pleased with the interest and additional
funding which will accelerate and expand our 2021 exploration
program at our Stillwater West project. The program is planned to
be the largest exploration program in the Company's history and has
the primary objective of further expanding drill-defined
mineralization in priority areas that remain open in all directions
while also testing compelling geophysical anomalies identified in
the 2020 Induced Polarization survey at the Chrome Mountain and
Iron Mountain target areas."
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-Co + Au 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 adjacent to Treasury
Metals' development-stage Goliath Gold Complex in northwest
Ontario, and the Kluane
PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum's
Wellgreen deposit in Canada's
Yukon Territory.
Forward-Looking Statements
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 potential
mineralization, historic production, estimation of mineral
resources, the realization of mineral resource estimates,
interpretation of prior exploration and potential exploration
results, the timing and success of exploration activities
generally, the timing of the timing and results of future resource
estimates, permitting time lines, metal prices and currency
exchange rates, availability of capital, government regulation of
exploration operations, environmental risks, reclamation,
titlefuture driling actiivities and the locations of such drilling,
and future plans and objectives of the company 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, results of future
resource estimates, future metal prices, availability of capital
and financing on acceptable terms, general economic, market or
business conditions, risks associated with regulatory changes,
defects in title, availability of personnel, materials and
equipment on a timely basis, accidents or equipment breakdowns,
uninsured risks, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to
remedy same, 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.
SOURCE Group Ten Metals Inc.