{"id":1184733,"date":"2020-05-15T13:18:46","date_gmt":"2020-05-15T18:18:46","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024049"},"modified":"2020-05-15T13:18:46","modified_gmt":"2020-05-15T18:18:46","slug":"glencore-ups-stake-in-group-eleven","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1184733","title":{"rendered":"Glencore ups stake in Group Eleven"},"content":{"rendered":"<p>Diversified major Glencore (LON: GLEN), through its Canadian subsidiary, <a aria-label=\"has made a further investment (opens in a new tab)\" href=\"https:\/\/www.groupelevenresources.com\/news\/index.php?content_id=93\"  rel=\"noreferrer noopener\">has made a further investment<\/a> in Vancouver-based mining junior Group Eleven Resources (TSXV: ZNG), purchasing 15 million units of Group Eleven at C$0.05 per unit for aggregate gross proceeds C$750,000.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>Each unit consists of one common share and one half of a non-transferrable common share purchase warrant, with each warrant entitling Glencore to purchase one additional common share at a price of C$0.10 per share for 36 months from the date of issue.<\/p>\n<p>The private placement will occur in two tranches. The first tranche of 2.2 million units (C$110,000) is expected to close on or about May 21, while the remaining 12.8 million units (C$640,000), conditional on Group Eleven shareholder approval of Glencore becoming a \u201ccontrol person\u201d of the company, is expected to close approximately in late June.<\/p>\n<p>Following the transaction, Glencore&#8217;s shareholding in Group Eleven would increase from 11.6% to 20% on a non-diluted basis.<\/p>\n<p>Group Eleven currently controls the <a href=\"https:\/\/www.groupelevenresources.com\/projects\/overview\/\"  rel=\"noreferrer noopener\" aria-label=\"largest ground position (opens in a new tab)\">largest ground position<\/a> in Ireland, consisting of 99 prospecting licenses covering 3,200 sqkm across four project areas.<\/p>\n<p>The company&#8217;s key asset is a 76.56% interest in the Stonepark project in Ireland, which has an estimated 5.1 million tonnes of mineral resource grading 8.7% zinc and 2.6% lead in the inferred category.<\/p>\n<p>The project is adjacent to Glencore&#8217;s Pallas Green project, one of the world&#8217;s largest undeveloped zinc projects with an estimated mineral resource of 45.4 million tonnes grading 7% zinc and 1% lead.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the transaction, Glencore&#8217;s shareholding in Group Eleven would increase from 11.6% to 20%.<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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