Group Ten Metals Announces Upsizing of Private Placement Financing to $4.5 Million
July 10, 2020
Group Ten Metals Inc. (“Group Ten” or the “Company”) (TSX.V:PGE; OTCQB:PGEZF; FSE:5D32) is pleased to announce an increase to the size of the previously announced non-brokered private placement. The Company will raise up to $4,500,000 in aggregate gross proceeds via the issuance of up to 22,500,000 units. All other terms remain unchanged from the previous announcement on June 26, 2020. Closing of the offering is expected on or about July 15, 2020, and the issuance of units per the placement is subject to the approval of the TSX Venture Exchange.
Net proceeds from the offering will be used for exploration at the Company’s Stillwater West PGE-Ni-Cu project in Montana, USA, and for general working capital purposes.
President and CEO Michael Rowley stated, “We are very pleased to see such strong investment demand, with the oversubscribed private placement reflecting the unique opportunity presented by the Company’s 100% owned Stillwater West project. The additional funding will enable an expanded field program at Stillwater West where we have identified a large-scale mineralized system in the lower Stillwater Complex with results that are comparable to the style of mineralization found in the Platreef of South Africa’s Bushveld Complex, host to some of the world’s largest nickel-copper sulphide hosted PGE mines. We will also continue to advance high-grade gold targets, as summarized in recent news releases, with this year’s field program.”
“Geological mapping and sampling programs have been underway for several weeks on early stage targets, and we are now preparing for our second phase program. Phase two will include Induced Polarization (IP) geophysical surveys over the most advanced target areas to support step out expansion drilling in phase three. We are fully permitted for our program and look forward to providing additional updates from the exploration and 3D modelling programs that are now underway.”
2020 Field Exploration Webinar
Group Ten will be hosting a webinar on July 22nd, 2020, at 8:30am PST during which President & CEO, Michael Rowley, will provide an overview of the Company’s exploration plans at the Stillwater West PGE-Ni-Cu project, followed by a Q&A. To register, click here.
Option Grant
Group Ten announces it has granted 1,445,000 incentive stock options (the “Options”) to Directors, Officers, employees and consultants of the Company. The Options are exercisable for up to five years, expiring on July 10, 2025, and each Option will allow the holder to purchase one common share of the Company at a price of $0.215 per share. Options are subject to certain vesting requirements in accordance with the Company’s Long-Term Performance Incentive Plan.
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 Territo
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