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An announcement from Group Eleven Resources ( (TSE:ZNG) ) is now available.
Group Eleven Resources Corp. has successfully closed a C$5.75 million ‘bought deal’ private placement, which includes the full exercise of the underwriters’ option. The proceeds will be used to expand the exploration drill program at Ballywire from 5,000 meters to 25,000 meters, enhancing the company’s operational capabilities and potentially strengthening its position in the mineral exploration industry. The offering was conducted under specific exemptions, and significant stakeholders like Glencore Canada Corporation maintain a substantial interest in the company.
Spark’s Take on TSE:ZNG Stock
According to Spark, TipRanks’ AI Analyst, TSE:ZNG is a Underperform.
Group Eleven Resources faces significant financial challenges with no revenue and ongoing losses, resulting in a low financial performance score. Despite positive corporate events and strategic initiatives, the technical analysis and valuation metrics remain weak, reflecting ongoing risks and limited attractiveness to investors.
To see Spark’s full report on TSE:ZNG stock, click here.
More about Group Eleven Resources
Group Eleven Resources Corp. is a mineral exploration company focused on significant mineral discoveries in the Republic of Ireland. The company is involved in drilling projects that have revealed high grades of zinc, lead, silver, copper, germanium, and antimony, particularly highlighted by the Ballywire discovery.
Average Trading Volume: 204,573
Technical Sentiment Signal: Buy
Current Market Cap: C$76.78M
Learn more about ZNG stock on TipRanks’ Stock Analysis page.