Business
Goldgroup Announces Conversion of Convertible Loan
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2023) - Goldgroup Mining Inc. (TSX: ...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"Goldgroup Announces Conversion of Convertible LoanVancouver, British Columbia--(Newsfile Corp. - July 28, 2023) - Goldgroup Mining Inc. (TSX: GGA) (OTC Pink: GGAZF) (BMV SIX: GGAN.MX) (\"Goldgroup\" or the \"Company\") announces that the Company has issued 29,052,000 common shares upon conversion of the Company's outstanding convertible loan which had a face value of USD $2,160,000 and was converted into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 1.345 USD to CAD. The loan was originally announced in a news release issued on December 12, 2023 and the conversion of the loan to common shares of the Company was approved by shareholders at the Company's annual and special meeting held on June 28, 2023 and the TSX on July 19, 2023. The common shares were issued to Calu Opportunity Fund LP (\"Calu\"), who is an insider of the Company, and post conversion Calu owns 52.41% of the issued and outstanding common shares of the Company. The securities issued in connection with the convertible debt loan are subject to a statutory four month hold period ‎expiring November 29, 2023.THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.About GoldgroupGoldgroup is a Canadian-based mining Company that operates a heap-leach gold mine, in Cerro Prieto in the State of Sonora, Mexico and is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. For further information on Goldgroup, please visit www.goldgroupmining.com On behalf of the Board of DirectorsInvestor Relations Toll Free: 1-877-655-ozAu (6928)This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of pe...