Toronto, Ontario--(Newsfile Corp. - October 6, 2020) - Michael Gentile announces that he has filed an early warning report (the "Report") announcing the acquisition ("Acquisition") of 1,500,000 common shares ("Shares") in the capital of Group Eleven Resources Corp. ("Group Eleven").
Prior to the completion of the Acquisition, Mr. Gentile beneficially owned and controlled, directly or indirectly, an aggregate of 10,265,333 Shares and an aggregate of 5,000,000 Share purchase warrants (the "Warrants"), representing approximately 8.97% of Group Eleven's issued and outstanding Shares on an undiluted basis and approximately 12.79% of Group Eleven's issued and outstanding Shares on a partially diluted basis. Following the completion of the Acquisition, Mr. Gentile beneficially owns and controls, an aggregate of 11,765,333 Shares and 5,000,000 Warrants, representing approximately 10.29% of Group Eleven's issued and outstanding Shares an undiluted basis and approximately 14.04% of Group Eleven's issued and outstanding Shares on a partially diluted basis.
The Shares were acquired for investment purposes. Mr. Gentile has a long-term view of the investment and may acquire additional securities of Group Eleven either on the open market or through private acquisitions or sell the Shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
For further details relating to the acquisition, please see the Report, a copy of which is available on SEDAR or from Michael Gentile at 514-591-4227.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65314