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Group Eleven Resources eyes up to C$10M in IPO

Irish zinc explorer Group Eleven Resources Corp. plans to raise between C$5 million and C$10 million in an IPO in Canada, according to a preliminary prospectus released Oct. 11.

PI Financial Corp., Cormark Securities Inc. and Sprott Private Wealth LP are acting as agents in the offering.

The share price has yet to be determined, although the company has granted the agents a 15% overallotment option.

Proceeds will be used to fund exploration and for general working capital.

Group Eleven controls the largest ground position in Ireland, comprising 99 prospecting licenses covering 3,200 square kilometers across four project areas. The company's shareholders include MAG Silver Corp. and Teck Resources Ltd.

In September, Group Eleven acquired Teck unit Teck Ireland Ltd.'s 76.56% interest in the TILZ Minerals joint venture company.