Group Eleven Resources Corp (CVE:ZNG) has closed the first tranche of a previously announced placing, raising $401,876 for its drill program on the Ballinalack project and exploration at other Irish projects.
The Vancouver-based firm issued over 3.3 million units at a subscription price of $0.12 each.
READ: Group Eleven Resources organizes C$1M private placement to fund drilling at Ballinalack zinc project
On March 1 this year, the company said it was organizing a private placement that would raise roughly C$1 million.
Each unit consists of one share and one half of a non-transferrable share purchase warrant.
Each warrant entitles the holder to buy a further share at $0.24 per share for two years from issue.
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