Group Eleven Resources Corp (CVE:ZNG) (OTCMKTS:GRLVF) has announced an upsized private placement to raise up to C$1.55 million to advance its exploration plans, including follow-up drilling at the recently discovered zinc-lead zone near Carrickittle in Ireland.
Earlier in July, the company said it would issue 16,666,667 units at C$0.06 each for gross proceeds of C$1 million. But now it is offering up to 25,833,333 units at the same price.
Each unit consists of one share and one half of a share purchase warrant, which entitles the holder to buy an additional company share for C$0.12 each for 36 months from the date of issue.
READ: Group Eleven Resources hits best mineralization to date at Carrickittle prospect at PG West project, Ireland
In a brief statement, Group Eleven said the proceeds will not only fund the Carrickittle project in Ireland but go toward general and administrative purposes as well. All securities are subject to a hold period that expires four months and one day after the closing date.
On July 6, Group Eleven revealed that it had hit the best mineralization ever found at the prospect, which is part of its PG West project in Ireland.
A drill hole intercepted 10.3 metres of 14.6% zinc, 5% lead (19.6% combined) and 43 grams per ton (g/t) silver starting at 56.3 metres downhole, the firm told investors.
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