VANCOUVER, British Columbia, Aug. 22, 2018 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) has completed a non-brokered private placement for aggregate proceeds of $575,000 through the issuance of 2,875,000 common shares, on a flow-through basis, at a price of $0.20 per share (the “Private Placement”). The issue price of the Private Placement represents an approximate 15% premium to the five-day volume weighted average trading price of the Company’s shares on the TSX Venture Exchange (“TSX-V”). Management and directors of the Company participated in the financing for $88,000 or 15.3% of the Private Placement.
The Private Placement is subject to final TSX-V approval and shares are subject to a hold period of four months and one day from their date of issuance, under applicable Canadian securities law. The shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Proceeds from the Private Placement are intended to be used toward eligible Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), at the Company’s Ontario and Yukon projects.
The company has agreed to pay finders' fees totaling $21,000 in cash on a portion of the private placement.
Option Grant
Group Ten also announces the issuance of 425,000 options to certain members of the Company’s technical team.
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 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 highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com Phone: (604) 357 4790
Web: http://grouptenmetals.com Toll Free: (888) 432 0075
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.