VANCOUVER, BC, Dec. 30, 2020 /CNW/ - Group Eleven Resources
Corp. (TSX.V: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven"
or the "Company") is pleased to announce the closing of the
first tranche of a non-brokered private placement (the "Offering")
through the issuance of 11,584,615 shares to Michael Gentile, CFA, at a subscription price of
$0.065 per share for aggregate gross
proceeds to the Company of $753,000.
This strategic investment in Group Eleven by Mr. Gentile increases
his ownership in the Company to 19.90% on a partially diluted
basis, upon completion of the Offering.
"Group Eleven at current levels is one of the more compelling
investments I've seen, with the advanced Stonepark asset along with
the recent impressive discovery holes at Carrickittle. In my
opinion this, combined with a large regional land package offering
several additional compelling exploration targets, is the primary
reason why I believe Group Eleven is dramatically undervalued and
on the cusp of a major re-rating by the market".
Bart Jaworski, CEO, commented
"Group Eleven welcomes the strategic investment by Mr. Gentile, a
sign of his commitment to the Company and our projects. We look
forward to using this investment to continue exploration in
Ireland, especially in the
Limerick region where we believe there is significant potential for
a major discovery within our Stonepark and PG West properties."
From 2003 to 2018, Michael
Gentile worked as a professional money manager at Formula
Growth Ltd., an independent investment management firm established
in Montreal in 1960 with a
long-term track record of creating investor wealth. While at
Formula Growth, Mr. Gentile's main sector focuses were in mining
and natural resources. In 2012, he became the co-manager of the
Formula Growth Alpha Fund, a market neutral hedge fund focused on
small to mid-cap equities. Throughout his career at Formula Growth,
Michael was an early-stage investor in very successful mining and
natural resource investments returning multiples of their original
investments for their investors. In October
2018, Mr. Gentile retired from full time money management in
order to be able to spend more time with his family. Subsequently,
he has remained a very active investor in the mining space owning
significant top 5 stakes in over 10 small cap-mining companies.
Mr. Gentile is currently one of the largest shareholders
and a strategic advisor of Radisson Mining Resources (RDS-V) since
May 2019 and Arizona Metals (AMC-V)
since December 2020. In
addition, Mr. Gentile is the largest single shareholder of
and has been a board member of Northern Superior Resources (SUP-V)
since December 2019, Roscan Gold
(ROS-V) since January 2020 and
Solstice Gold (SGC-V) since June
2020.
Proceeds from the Offering will be used to fund further mineral
exploration on the Company's projects in Ireland, including drilling at the Company's
Carrickittle zinc-lead prospect, as well as, general and
administrative purposes. The Offering is subject to regulatory
approval and all securities to be issued pursuant to the financing
are subject to a hold period under applicable Canadian securities
legislation that expires four months and one day after the closing
date of the Offering.
The ownership percentages of common shares described above are
based on the Company having 114,392,837 shares outstanding as of
the date of this news release and 137,469,837 shares outstanding
upon completion of the Offering.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA:
3GE) is a mineral exploration company focused on advanced stage
zinc exploration in the Republic of
Ireland.
Additional information about the Company is available at
www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Bart Jaworski"
Bart Jaworski, P.Geo.
Chief Executive Officer
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of applicable securities legislation. Such statements
include, without limitation, statements regarding the expected use
of proceeds, future results of operations, performance and
achievements of the Company, including the timing, content, cost
and results of proposed work programs, the discovery and
delineation of mineral deposits/resources/ reserves and geological
interpretations. Although the Company believes that such statements
are reasonable, it can give no assurance that such expectations
will prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located. All of the Company's public
disclosure filings may be accessed via www.sedar.com and readers
are urged to review these materials, including the technical
reports filed with respect to the Company's mineral properties.
SOURCE Group Eleven Resources Corp.
