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News Update

TICKERS: PGE; PGEZF; 5D32

Explorer Secures CA$4.5 Million Investment and Begins Phase Two Exploration Program at PGE Property
News Update

Source:

Group Ten Metals announced it has closed a CA$4.5 million private placement financing and is now launching phase two of its exploration program at the Stillwater West PGE-Ni-Cu-Co project in Montana.

In a news release, Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTCQB; 5D32:FSE) reported that it has closed its previously announced CA$4.5 million financing, subject to the final approval of the TSX Venture Exchange.

The company advised that 22.5 million units were issued in total at a price of CA$0.20 per unit and that each unit consists of one common share of Group Ten Metals along with one share purchase warrant. The firm indicated that each warrant will be valid for 36 months until July 17, 2023, and will allow the holder the option to acquire one additional common share of the company at a price of CA$0.30 per share; the four month holding period expires November 18, 2020.

The company also stated that it intends to utilize the proceeds from the offering primarily for funding exploration activities at its Stillwater West platinum group element (PGE)-Ni-Cu-Co project in Montana, and also for general working capital.

The company's President and CEO Michael Rowley commented, "We are pleased to welcome a number of experienced mining investors to Group Ten through this placement including a lead order from Palisades Goldcorp Ltd. alongside other new institutional investors...The additional funding will enable an expanded program at our flagship Stillwater West project where we own the second largest land position in the Western hemisphere's most productive PGE district, adjacent to Sibanye-Stillwater's three world-class palladium-platinum mines."

"Our work at Stillwater West has demonstrated the potential for multiple "Platreef-style" deposits – bulk tonnage nickel and copper sulphide mineralization enriched in palladium, platinum, gold, rhodium and cobalt – in the lower Stillwater Complex stratigraphy, based on known parallels with South Africa's Bushveld complex. Our world-class team quickly advanced that geologic model through drill confirmation in 2019, and this year's program is expected to continue that pace as we advance drill-defined mineralized zones towards maiden resources at the three most advanced target areas," Rowley added.

Rowley stated that the company is now commencing phase two of its 2020 campaign that will focus on conducting Induced Polarization geophysical surveys over the most advanced target areas with phase three expected to start there in early August with step out expansion drilling. Additionally, as announced in May 2020, the company is continuing to actively work its high-grade gold target sites.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Group Ten Metals. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Group Ten Metals. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Group Ten Metals, a company mentioned in this article.




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