February 15, 2017 – Vancouver, BC – Group Ten Metals Inc. (TSX.V: PGE; FSE: 5D32) (the “Company” or “Group Ten”) announces an increase in the flow-through non-brokered private placement announced on February 8, 2017, and provides a correction to the pricing of warrants in the flow-through units. The terms of the concurrent non-flow-through private placement remain unchanged.
Group Ten now proposes to issue up to 5 million flow-through units at a price of $0.08 per unit for gross total proceeds of up to $400,000, in place of the 3 million units announced February 8th. Each flow-through unit shall consist of one flow-through common share of the Company and one-half share purchase warrant. Each whole warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.16 per warrant share for a period of 36 months following the closing date of the private placement. The warrant exercise price was incorrectly stated at $0.18 per warrant share in the February 8th news release.
In the event that the Company’s common shares trade at or above a 20-day volume weighted average trading price of $0.24 at any time after 4 months and one day after the closing date, the issuer may elect to accelerate the expiry date of the warrants by giving notice to the holders thereof and, in such case, the warrants would expire 30 days after the notice is given by the issuer.
The proceeds of the financings will be used for eligible exploration expenditures on the Company’s Yukon and Ontario projects. All securities issued pursuant to the placement will be subject to a hold period of four months and one day from the date of closing. This amended flow-through financing, and the non-flow-through financing announced February 8th, are subject to regulatory approval.
On Behalf of the Board of Directors
GROUP TEN METALS INC.
President & Director
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