Group Ten Metals announces warrant exercise, shares bounce

Vancouver-based platinum group elements miner Group Ten Metals (TSXV: PGE) announced on Tuesday that it has received total gross proceeds of C$2.38 million since the beginning of this year from the exercise of remaining warrants from a 2017 financing.

Directors, management and employees of the company exercised all of their warrants, contributing C$1.1 million to the proceeds and resulting in a more than 24% ownership on a current issued and outstanding share basis.

Proceeds from the warrant exercise will be used for Group Ten’s exploration programs and general corporate purposes.

“The company is now well-positioned for growth with a healthy balance sheet and 100% interest in a portfolio of high-potential, district-scale exploration properties in proven mining districts which were acquired strategically through the low part of the metal price cycle,” President and CEO Michael Rowley stated in a press release.

Group Ten’s flagship asset is the Stillwater West PGE-nickel-copper project in Montana. The property is located next to Sibanye’s major PGE mines in the Stillwater Complex — one of the top regions in the world for PGE mineralization alongside the Bushveld Complex and Great Dyke in southern Africa.

Shares of Group Ten Metals were up nearly 5% at Tuesday’s market open, giving the company a market capitalization of approximately C$21.9 million.