Business Irish

Sunday 22 October 2017

Group Eleven eyes IPO after Teck deal

Group Eleven Resources’ Bart Jaworski
Group Eleven Resources’ Bart Jaworski
Gavin McLoughlin

Gavin McLoughlin

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

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