Group Eleven Resources Corp. announced a non-brokered private placement of 12,500,000 units at a price of CAD 0.12 per unit for gross proceeds of CAD 1,500,000 on December 11, 2023. Each Unit will consist of one common share and one-half of one non-transferrable common share purchase warrant.

Each warrant will entitle the holder to purchase one additional common share for a period of 24 months from the date of issue at an exercise price of CAD 0.18 per warrant share. The company may pay finders' fees in connection with the private placement to certain eligible finders in the form of a cash commission of up to 6% of the gross proceeds raised under the private placement from investors introduced to the company by the finder, the issuance of such number of non-transferable common share purchase warrants equal to up to 6% of the units issued to investors introduced to the company by the finder. The transaction included participation from returning investor Michael Gentile for 1,250,000 units for gross proceeds of CAD 150,000.

The private placement is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.