Group Eleven Closes C$12M Bought Deal Private Placement, Including Full Exercise of C$1.56M Underwriters' Option

Executive Summary

• Group Eleven Resources Corp. closed a bought‑deal private placement raising C$12,000,825 by issuing 13,334,250 common shares at C$0.90 each.
• Net proceeds will be used to expand the Ballywire drill program from ~17,000 m to ~51,500 m and the Stonepark program from ~3,000 m to ~15,500 m, plus general corporate purposes.
• The offering included a full exercise of the underwriters’ option; underwriters received C$468,139.50 in cash commissions.

Key Details

• Offering Size: Aggregate gross proceeds of C$12,000,825.
• Shares Issued: 13,334,250 common shares at C$0.90 per share.
• Underwriters: ATB Cormark Capital Markets (lead underwriter & sole bookrunner) and Beacon Securities Limited; full exercise of underwriters’ option.
• Commission Paid: Underwriters received a cash commission of C$468,139.50.
• Use of Proceeds:
• Expand Ballywire exploration drilling from ~17,000 m to ~51,500 m.
• Expand Stonepark drilling from ~3,000 m to ~15,500 m.
• General corporate and working‑capital purposes.
• Regulatory Exemptions: Shares offered under the listed issuer financing exemption (NI 45‑106) in Canada; also sold in certain foreign jurisdictions without prospectus filing. No hold period for most investors, except TSX Venture Exchange insider hold of four months.
• Glencore Participation: Glencore Canada did not exercise its participation right; post‑offering Glencore holds an approximate 13.0 % ownership interest.
• Insider Transaction: One director (the “Insider”) purchased shares in the offering; transaction deemed a related‑party transaction under MI 61‑101, exempt from valuation and minority‑approval thresholds because it did not exceed 25 % of market cap. No material change report filed prior to closing due to timing of insider participation confirmation.
• Securities Law Notice: Shares not registered in the United States; cannot be offered or sold there absent registration or exemption.

Notable Quotes

(No direct quotes were provided in the release.)