The company closes a first tranche of a private
placement for proceeds of approximately CA$1.5 million.
Group
Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) closed the first
tranche of its nonbrokered private placement for gross proceeds of
CA$1,500,499, it announced in a news release.
Via the transaction, the Vancouver-based company issued 10,715,850 units
at CA$0.14 apiece. Each unit comprises one common share and one half-share
purchase warrant. With each full warrant, the holder may buy one common share
at CA$0.21 for 36 months after closing.
Group Ten stated that it intends to use the proceeds for working capital
and for exploring its Stillwater West platinum group elements-nickel-copper
project in Montana. In that regard, Group Ten's company's exploration team is
on site, and its drill contractor is en route, for the start of work in the
near term.
"We are very pleased with the response to both our 2019 program and
now our placement. Our exploration team is in place and our drill contractor
is now mobilizing to site to begin work in the near term. We look forward to
making further announcements in this regard soon," stated President and
CEO Michael Rowley.
The company noted that the news release does not constitute an offer of
securities for sale in the United States.
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