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Group Eleven Resources announces that Michael Gentile has increased his stake in the company to 19.9%

Published: 08:57 31 Dec 2020 EST

Group Eleven Resources Ltd. -
Group Eleven Resources says it will use the proceeds from the offering to fund further exploration on its projects in Ireland

Group Eleven Resources Corp (CVE:ZNG) (OTCMKTS:GRLVF) (FRA:3GE) reported it has closed the first tranche of a $753,000 non-brokered private placement, at an issue price of $0.065 per share, to strategic investor Michael Gentile.   

The company noted that the 11,584,615 shares issued will increase Gentile’s ownership interest in Group Eleven Resources to 19.9% on a partially-diluted basis.

“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,” said Group Eleven Resources CEO Bart Jaworski in a statement.  

READ: Group Eleven Resources announces high-grade zinc and silver results from its PG West project in Ireland

Michael Gentile also weighed in on the announcement, stating: “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.”  

Michael Gentile, a former professional money manager at Formula Growth Ltd, is one of the largest shareholders and a strategic advisor of Radisson Mining Resources (CVE:RDS) and Arizona Metals (CVE:AMC). He is also the largest single shareholder, and board member, of Northern Superior Resources (CVE:SUP), Roscan Gold (CVE:ROS), and Solstice Gold (CVE:SGC).

Group Eleven said the proceeds from the offering will be used to fund further mineral exploration on its projects in Ireland, including drilling at the company's Carrickittle zinc-lead prospect, as well as for general and administrative purposes.

The company added that it will have 137,469,837 shares outstanding upon completion of the offering.

Group Eleven Resources is a mineral exploration company focused on advanced-stage zinc exploration in the Republic of Ireland.

Contact Sean at sean@proactiveinvestors.com

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