VANCOUVER, British Columbia, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces that it has amended the non-flow-through portion of its previously announced non-brokered private placements resulting in the total issuance of 15,247,058 units for gross proceeds of $2,447,000, subject to the final approval of the TSX Venture Exchange.
The Company issued 7,250,000 non-flow-through units at a price of 15 cents per unit for total gross proceeds of $1,087,500, where each non-flow-through unit consists of one common share of the Company and one-half share purchase warrant (a “Warrant”). The flow-through portion of the placements remained unchanged, with Group Ten issuing 7,997,058 flow-through units at a price of 17 cents per unit for gross total proceeds of $1,359,500. Each flow-through unit consists of one flow-through common share of the Company and one-half Warrant. Each whole Warrant will entitle the holder to acquire one common share of the Company at an exercise price of 25 cents for a period of 36 months following the closing date of the private placements.
Warrants issued as part of the placements are subject to accelerated expiry if the closing price of the common shares on the TSX Venture Exchange is greater than $0.375 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.
Securities issued under the private placement are subject to a hold period expiring March 22, 2020 in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
A total of 655,060 finder's units were issued in connection the private placement, with each finder's unit being identical to a non-flow-through unit, as defined above.
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: info@grouptenmetals.com Web: http://grouptenmetals.com | Phone: (604) 357 4790 Toll Free: (888) 432 0075 |
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 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.