Group Eleven Resources Corp. [ZNG-TSXV, GRLVF-OTCQB, 3GE-FRA] has announced details of a $5 million bought deal private placement financing. The company said it intends to use the net proceeds to expand the remaining funded exploration drill program at the Ballywire zinc prospect at the company’s 100%-owned PG West Project in the Republic of Ireland. Group Eleven has described Ballywire as the most significant mineral discovery in Ireland in over a decade.
The offering will consist of the issuance and sale of 15.6 million common shares priced at 32 cents per share. Group Eleven has granted the underwriters an option to sell up to an additional 2.34 million common shares at the issue price for additional gross proceeds of $750,000. That option can be exercised at any time prior to closing around July 31, 2025.
Group Eleven shares were down 13.3% or $0.05 to 32.5 cents in early trading, Tuesday. The shares trade in a 52-week range of 42 cents and 13.5 cents.
In addition to and concurrent with the offering, the company will be offering on a non-brokered basis, the number of shares, on the same terms as the offering to its pre-existing shareholder, Glencore Canada Corp. The aim is to allow Glencore to exercise its participation right and maintain its 15.2% stake in Group Eleven.
In recent years, Group Eleven has assembled a large property position in southwestern Ireland, consisting of 99 prospecting licenses covering 3,200 square kilometres across four project areas. The properties are located within the established Irish Zinc District, which has been a source of zinc production since the 1960s and is currently home to some of Europe’s largest zinc projects, including the Navan (Tara) Zinc-lead mine (Boliden), the Pallas Green deposit and the past producing Lisheen (Vendanta) and Galmoy mines (Lundin Mining Corp. [LUN-TSX; LUMI-Sweden]).
Glencore is the owner of the Pallas Green project, which lies adjacent to Group Eleven’s 77.64%-owned Stonepark zinc-lead project, which hosts an inferred resource of 5.1 million tonnes of 11.3% zinc-lead. Pallas Green is one of the world’s largest undeveloped zinc deposits (45.1 million tonnes of 8.4% zinc-lead).
Ballywire is located 20 kilometres from the Stonepark project. The company’s largest shareholder is Michael Gentile is a leading strategic junior mining investor and shareholder of several Canadian companies.
The company announced the Ballywire discovery in September, 2022, demonstrating high grades of zinc, lead, silver copper and germanium and, locally, antimony. The project has 53 holes drilled and reported by Group Eleven to date, the company said in a press release on July 2, 2025. In that press release, the company announced the best hole yet at Ballywire. It returned 39.7% of 9.5% zinc plus lead (5.6% zinc and 3.9% lead), 131 g/t silver and 0.27% copper, including 18.3 metres of 16.1% zinc and lead (8.9% zinc and 7.2% lead), 233 g/t silver and 0.42% copper.
