Business
Goldgroup Announces Convertible Loan Agreement
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Goldgroup Mining Inc. (TSX: G...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"Goldgroup Announces Convertible Loan AgreementVancouver, British Columbia--(Newsfile Corp. - December 12, 2022) - Goldgroup Mining Inc. (TSX: GGA) (OTC Pink: GGAZF) (BMV SIX: GGAN.MX) (\"Goldgroup\" or the \"Company\") is pleased to announce it has entered into a loan agreement dated December 9, 2022 (the \"Loan Agreement\") with Calu Opportunity Fund LP, previously known as Sail Natural Resources LP, (the \"Lender\") in the principal amount of USD$2,160,000 (the \"Loan\"). This Loan includes USD $550,000 previously advanced to the Company as disclosed in the Company's news release issued on August 11, 2022, which is restructured into the current Loan amount. The Lender is a resource focused private investment vehicle, with a focus on supporting growth stage mining companies. The Loan is unsecured, bears interest at 6% per annum and is repayable on December 31, 2023. The Company plans to seek shareholder approval to have the Loan convertible into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 1.345 USD to CAD at the election of the Lender to comply with TSX rules. The Company will make a further announcement on timing of the shareholder meeting once a date is determined. The Lender would become a control block holder upon full conversion of the Loan owning approximately 55.90% of the Company on a partially diluted basis. There can be no assurance that shareholder approval will ultimately be granted for the conversion of the Loan to common shares of the Company. The Company is not issuing any securities, or paying any bonus, commission or finder's fees in respect of the Loan. The Loan is repayable at any time before maturity without penalty. The proceeds from the Loan will be used to maintain the Company's existing operations and general working capital requirements. 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 gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operat...