Vancouver-based platinum group elements miner Group Ten Metals (TSXV: PGE) announced on Tuesday that it has received total gross proceeds of C$2.38 million since the beginning of this year from the exercise of remaining warrants from a 2017 financing.
Directors, management and employees of the company exercised all of their warrants, contributing C$1.1 million to the proceeds, resulting in a more than 24% ownership on a current issued and outstanding share basis.
Proceeds from the warrant exercise will be used for Group Ten’s exploration programs and general corporate purposes.
“The company is now well-positioned for growth with a healthy balance sheet and 100% interest in a portfolio of high-potential, district-scale exploration properties in proven mining districts which were acquired strategically through the low part of the metal price cycle,” President and CEO Michael Rowley said in a press release.
Group Ten’s flagship asset is the Stillwater West PGE-nickel-copper project in Montana. The property is located next to Sibanye’s major PGE mines in the Stillwater Complex — one of the top regions in the world for PGE mineralization alongside the Bushveld Complex and Great Dyke in southern Africa.
Shares of Group Ten Metals were up nearly 5% at Tuesday’s market open. The company has a market capitalization of approximately C$21.9 million.