[ad_1]
VANCOUVER, British Columbia, July 29, 2019 (GLOBE NEWSWIRE) – Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the "Company" orGroup ten") is pleased to announce a non – brokered private placement for a total gross proceeds of up to $ 2 million (the "Offering") through the issuance of approximately 14 million equity units. the company (the "units") at a price of $ 0.14 per unit. Red Cloud Klondike Strike Inc. is acting as a researcher for the placement.
Each unit consists of one common share of the Company and one-half of one warrant (the "Warrant"). Each whole warrant entitles the holder to purchase one common share of the Company at a fiscal year-end price of $ 0.21 per share for a period of 36 months from the date of the closing of the private placement. . If, at any time after the Closing Date, the closing price of the Common Shares of the Company on the TSX Venture Exchange is greater than C $ 0.32 per share for 10 consecutive trading days, the Company may elect to 'postpone the partial expiry date. or all the Warrants, on a date that is 4 months and one day after the Warrant Issuance Date, by notifying the holders of the Warrants and, in that case, that part of the Warrants will expire on first day which is 30 business days after the date on which the notice is given by the Company.
The net proceeds of the Offering will be used for the exploration of the Stillwater West PGE-Ni-Cu Project in Montana, USA, for working capital purposes.
The investment completes more than $ 1.08 million raised to date through the voluntary exercise of warrants issued as part of the private placement financing finalized in February 2017. These exercises are ongoing and are expected to continue in the near future. approaching the expiry of the warrants in February 2020. A total of 18,477,553 warrants are outstanding at an exercise price of $ 0.12, thus giving the Company up to 2, $ 2 million in additional funding.
Michael Rowley, President and CEO, said, "We are very excited to launch our 2019 Field Program in Stillwater West. Since its acquisition in 2017, our technical team has undertaken a compilation, modeling and synthesis of complete data that has resulted in the identification of three advanced priority targets for the Ten group monitoring drilling. As announced in our press release of June 4, 2019, we are focusing on the Chrome Mountain, Camp Zone and Iron Mountain target areas. Each of these target areas is characterized by a multi-kilometer ground and badociated electro-magnetic conductor anomalies, with 6 to 21 boreholes showing a geological environment comparable to the bulk-tapped Platreef deposits of the Bushveld Complex in South Africa. Over the last decade, it has been proven that the Platreef deposits contained tens of millions of ounces of platinum and palladium, as well as billions of pounds of nickel and copper, in a number of deposits that can be exploited on a large scale.
Mr. Rowley continued, "Our technical team has arrived at the site and we have permits in place to test all the priority target areas. Drilling is expected to begin in the short term and we hope to be able to make further announcements in this regard within a few weeks. The proceeds from the private placement, as well as the cash on hand and the exercise of existing mandates, should allow the Company to move the project forward to the next major milestone, which demonstrates the potential for multiple, large-scale, large-scale projects. PGE-Ni-Cu plasterings of the Stillwater West project. "
The closing of the Offering is subject to the approval of the TSX Venture Exchange. Under the Offering, up to 14,285,714 Units may be issued, representing an equal number of Common Shares and 7,142,857 Warrants. The securities, including the shares issuable on exercise warrants, will be subject to a holding period of four months and one day in accordance with applicable securities laws.
This press release does not constitute an offer to sell securities in the United States. The securities offered are not and will not be registered under the US Securities Act of 1933, as amended, and such securities may not be offered or sold in the United States without US registration or applicable exemption from the US Securities Act. the American registration. .
About Ten Metals Group Inc.
Group Ten Metals Inc. is a Canadian-based mineral exploration company listed on the TSX-V, specializing in the development of high quality badets for the exploration of platinum, palladium, nickel, copper, copper cobalt and gold in the main mining territories in North America. The company's main badet is Stillwater West's PGE-Ni-Cu project, adjacent to the high-PGE mines at Sibanye-Stillwater, Montana, USA. The Ten Group also owns the Black Lake-Drayton High-Grade Gold Project in the Rainy River District of northwestern Ontario, and the evolving Kluane PGE-Ni-Cu Project with the Wellgreen Nickel Deposit. Platinum Creek in the Yukon Territory.
About the Metallic Group of Companies
Metallic Group is a collaboration of leading precious metals and base metals exploration companies, with a portfolio of large contaminated site badets in established mining districts adjacent to some of the largest silver producers in the Group's metals. platinum and copper. Member companies include the Metallic Minerals (TSX-V: MMG) of the Keno Hill Silver District, Yukon, Ten Metals Group (TSX-V: PGE) of Stillwater District, PGE-Ni-Cu, Montana, and Granite Creek Copper (TSX-V). : GCX) in the Minto Copper District, Yukon. Metallic's highly experienced management and technical teams have expertise in resource discovery and project development, from initial discoveries to advanced development, to solid project and project finance experience. financial markets, and demonstrated a commitment to community engagement and best environmental practices. Among the founders and members of the Metallic Group are some very successful explorers who have already worked with some of the industry's leading explorers / developers and producers. They are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these historic mining districts.
Metallic Group is headquartered in Vancouver, British Columbia, Canada, and its member companies are listed on the Toronto Venture, US OTC and Frankfurt stock exchanges.
Quality control and quality badurance
Mike Ostenson, P.Geo., Is the Qualified Person under National Instrument 43-101. It has reviewed and approved the technical information contained in this press release.
Forward-looking statements
This press release contains certain statements that may be considered "forward-looking statements". All statements in this release, other than statements of historical fact, including, without limitation, statements regarding potential mineralization, historical production, mineral resource estimate, resource estimates mineral, interpretation of previous and potential exploration work, timing and success of exploration activities in general, schedule and results of future resource estimates, deadlines, prices of metals and exchange rates, the availability of capital, government regulations for exploration, environmental risks, remediation, title and the future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Group Ten believes that the expectations expressed in these forward-looking statements are based on reasonable badumptions, they in no way constitute a guarantee of future performance and actual results or developments may differ materially from those set forth in the forward-looking statements. Forward-looking statements are based on a number of important factors and badumptions. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include the inability to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as a result of and as plans are refined, the results of future resource estimates, future metal prices, availability of resources. capital and financing on acceptable terms, general economic, market or business conditions, risks related to regulatory amendments, title defaults, availability of personnel, equipment and equipment in a timely manner, accidents or equipment breakdowns, uninsured risks, delays in obtaining government approvals, unforeseen environmental impacts on operations and the costs of remedying them, and other risks related to exploration or other, described herein and from time to time in documents filed by corporations with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves have not demonstrated economic viability. Exploration and mine development are inherently risky activities. As a result, actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten, the risks and challenges of their business, investors are urged to consult their annual documents 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 any responsibility for the adequacy or accuracy of this document. communicated.
Source link
