Business
Goldgroup Closes $15 Million Private Placement Eric Sprott Increases Holdings in Company
(TheNewswire) NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES Vancouver,...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"Goldgroup Closes $15 Million Private Placement Eric Sprott Increases Holdings in Company\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n NOT FOR DISTRIBUTION OR DISSEMINATION\nIN THE UNITED STATES\n \n\n\n\n Vancouver, British Columbia –\n \n\n TheNewswire -\n \n\n (May 8, 2025)\n \n\n .\n Goldgroup Mining Inc. (“\n \n\n Goldgroup\n \n\n ” or the “\n \n\n Company\n \n\n ”) (TSX-V:\nGGA, OTC: GGAZF) is pleased to announce that it has closed the CAD $15\nmillion private placement (the “\n \n\n Private Placement\n \n\n ”)\npreviously announced on April 11, 2025.\n \n\n\n\n Goldgroup sold on a non-brokered private placement\nbasis 27,272,727 units of the Company (“Units”) at a price of\n$0.55 per Unit for aggregate gross proceeds of $15,000,000. Each Unit\ncomprises one common share (a “Common Share”) and one-half of a\ncommon share purchase warrant.  Each whole warrant (a “Warrant”)\nis exercisable into one Common Share at a price of $0.75 per share\nuntil November 7, 2026.\n \n\n\n\n Mr. Eric Sprott, through 2176423 Ontario Ltd., a\ncorporation which is beneficially owned by him, acquired 5,454,500\nUnits at $0.55 per Unit for total consideration of approximately $3\nmillion.\n \n\n\n\n In connection with the Private Placement, an insider of\nthe Company acquired 5,454,500 Units or 20.0% of the Private\nPlacement. Participation by the Insider in the Private Placement was\nconsidered a \"related party transaction\" pursuant to\nMultilateral Instrument 61-101 – Protection of Minority Security\nHolders in Special Transactions (\"MI 61-101\"). The Company\nwas exempt from the requirements to obtain a formal valuation or\nminority shareholder approval in connection with the Insiders'\nparticipation in the Private Placement pursuant to sections 5.5(a) and\n5.7(1)(a) of MI 61-101 as neither the fair market value of any\nsecurities issued to, nor the consideration paid by, the Insiders\nexceeded 25.0% of the Company's market capitalization. A material\nchange report was not filed in connection with the participation of\nInsiders in the Private Placement less than 21 days in advance of the\nclosing of the Private Placement, as the Insiders' participation had\nnot been confirmed at that t...