VANCOUVER, British Columbia, Aug. 29, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) announces that it has closed its previously announced non-brokered private placement (the “Offering”) with the issuance of a total of 17,500,140 units for gross proceeds of $2,450,019.60. Each Unit consists of one common share and one half-share purchase warrant (a “Warrant”) (the “Units”). Each full Warrant entitles the holder to acquire one common share at $0.21 per share for 36 months following closing.
The financing was significantly oversubscribed and the net proceeds from the Offering are planned for exploration at the Company’s Stillwater West PGE-Ni-Cu Project in Montana, USA (the “Stillwater West Project”) and for general corporate purposes.
President and CEO Michael Rowley stated, “We are very pleased with the level of interest in the Company and our 2019 exploration program, as reflected in the oversubscribed placement. The additional funding will directly enable an expanded field program at the Stillwater West Project where drilling, now underway, has intercepted massive and disseminated sulphide mineralization consistent with expectations based on geological modeling work by the Group Ten technical team. We look forward to making further announcements as we advance through our drill program at the Iron Mountain, Camp Zone, and Chrome Mountain target areas and complete follow-up work on the five additional multi-kilometer target areas where we see the potential for ‘Platreef-style’ bulk tonnage PGE-Ni-Cu-Co deposits.”
The securities issued under the private placement are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Offering remains subject to the final approval of the TSX Venture Exchange.
The Warrants issued as part of this placement are subject to accelerated expiry if the closing price of the common shares on the TSX Venture Exchange is greater than $0.32 for 10 consecutive trading days. In this case, the Company may elect to accelerate expiry of some or all of the Warrants to expire on the first day that is 30 business days after the Company’s election.
Red Cloud Klondike Strike Inc. acted as finder for a portion of the offering. A total of $91,325.07 and 652,322 finder’s warrants were issued in connection the private placement. Each finder’s warrant is exercisable for one common share on the same terms as the Warrants.
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: email@example.com||Phone: (604) 357 4790|
|Web: http://grouptenmetals.com||Toll Free: (888) 432 0075|
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 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.