Group Eleven Resources Corp., a mineral exploration company based in Vancouver, British Columbia, has announced a settlement concerning unpaid director fees owed to former board member Alessandro Bitelli. The company reported that a total of C$32,250 in fees accrued from Bitelli's tenure on the board was settled during the last annual general meeting held in 2026. As part of this agreement, Group Eleven will compensate Bitelli through the issuance of 38,393 common shares, rather than a cash payment.
The decision to issue shares as settlement is part of the company's broader financial strategy and follows the board's review of outstanding obligations to former directors. Shareholders will benefit from this arrangement as the issuance of shares is intended to preserve cash flow for the company's ongoing projects and operations. The settlement marks the conclusion of outstanding payments related to Bitelli's directorship, ensuring compliance with corporate governance standards.
Group Eleven is focused on mineral exploration in North America and aims to develop its projects while managing financial obligations responsibly. This settlement is a significant step in maintaining relationships with former executives and ensuring transparent governance practices.
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