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Goldgroup Announces Amendment of Credipresto Facility
Goldgroup Announces Amendment of Credipresto Facility Canada NewsWire VANCOUVER,...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\nGoldgroup Announces Amendment of Credipresto Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 30, 2017\n\n\n\nVANCOUVER, Aug. 30, 2017 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has amended the terms of its outstanding loan facility from Credipresto SAPI de CV SOFOM ENR (\"Credipresto\"), subject to TSX approval. Javier Reyes, a director of Goldgroup, is an executive officer and director of Credipresto.   \n\nThe Company entered into a US$10 million syndicated facility agreement as announced on September 19, 2014 among Credipresto, Goldgroup and another party that has since assigned its position to Credipresto, and guaranteed by the various guarantor parties thereto, as amended by the Loan Assignment Agreement announced in the press release on December 2, 2015. The facility agreement (\"Credit Agreement\") was further amended as announced on December 23, 2015. Prior to the amendments to the Credit Agreement described herein, the outstanding balance owed on the Credit Agreement was US$89,000. In addition to the Credit Agreement, Credipresto has loaned the Company funds which bear interest at a rate of 12% per annum and are subject to the same repayment terms as the Credit Agreement (the \"Additional Loan\").  Prior to the amendments to the Credit Agreement described herein, the outstanding balance owed on the Additional Loan was US$538,000.\n\nFacility amended terms\n\n\nThe Additional Loan was merged into the Credit Agreement such that it ceases to be a separate debt obligation owing by Goldgroup to Credipresto and such that the aggregate outstanding balance owing on the Credit Agreement is now US$627,000 (the \"Amended Balance\"), not including the additional draw described below, all of which is subject to the full terms and conditions of the Credit Agreement as amended (including, for clarity, that the interest rate of 15% per annum now applies to all of the Amended Balance);\nThe maturity date and ...