Group Eleven eyes IPO after Teck deal
Irish zinc explorer Group Eleven Resources is planning to float later this year after agreeing a deal to buy 60pc of a prospect which covers areas of Co Longford and Co Westmeath.
Group Eleven has agreed a deal to buy the asset from Canadian mining giant Teck. The other 40pc of the prospect is owned by a Chinese company.
In recent times it was also looking at buying Teck's share of another joint venture, this one in Limerick with John Teeling's Connemara Mining.
Group Eleven raised CAD$3.8m (€2.6m) to finance the deal via a private placement of new shares. Among the participants was MAG Silver, a listed Canadian explorer, which had previously invested in Group Eleven, whose other backers include former Davy corporate finance chief Hugh McCutcheon.
Teck has taken a stake in Group Eleven as part of the deal.
Group Eleven chief executive Bart Jaworski said the deal was a "transformational acquisition" that would strengthen the company's platform "as [Group Eleven] approach our anticipated IPO later this year".
Sunday Indo Business