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Goldgroup Announces Proposed USD $400,000 Convertible Debt Financing and Provides Update to Its Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Goldgroup Mining Inc. (TSX: GG...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"Goldgroup Announces Proposed USD $400,000 Convertible Debt Financing and Provides Update to Its Board of DirectorsVancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Goldgroup Mining Inc. (TSX: GGA) (OTC Pink: GGAZF) (BMV SIX: GGAN.MX) (\"Goldgroup\" or the \"Company\") is pleased to announce it is in the process of arranging convertible debt financing (\"Convertible Debts\") of up to USD $400,000 of which USD $100,000 has already been received. The Convertible Debts will be unsecured, bear interest at 12% per annum, will be repayable 18 (eighteen) months post closing and will be convertible into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 0.76 USD to CAD at the election of the lender(s).No commissions or fees are payable in connection with the Convertible Debts and the proceeds will be used to improve the Company's Cerro Prieto heap leach gold mining operations and general working capital requirements. The closing of the Convertible Debts is subject to receipt of all necessary approvals, including approval of the Toronto Stock Exchange. Changes to the BoardThe Company announces that Mr. Javier Montano has resigned from the Board of Directors. The Company would like to thank Mr. Montano for his time, services, and for the valuable contributions made during his time with the Company.The Company also announces the appointment of Mr. Roberto Guzman to its Board of Directors. Mr. Guzmán obtained a master's degree in Finance from the Universidad Tecnologica de Mexico in 1989 and has more than 25 years of experience in the Financial Sector, primarily in Mexico. Initially working as finance manager for several Mexican publicly traded companies as well as other private Mexican financial companies. Ralph Shearing, CEO commented: \"We are excited to welcome Mr. Guzman to the Company and very much look forward to utilizing his experience on the Board.\"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, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SO...