Business
Goldgroup Closes First Tranche of Unit Financing
VANCOUVER , Aug. 12, 2014 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\nVANCOUVER, Aug. 12, 2014 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce the closing of the first of two tranches of its previously announced non-brokered private placement financing. Pursuant to the first tranche, Goldgroup issued 5,535,909 units at a price of CAD$0.20 per unit and as a result received gross proceeds of CAD$1,107,182.\n\nEach unit consists of one common share and one-half of one non-transferable share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the company at a price of CAD$0.25 for a period of 24 months.\n\nNet proceeds of the first tranche will be used for general working capital purposes.  Finders' fees are payable to certain finders in the amount of CAD$80,918 in respect of the first tranche.\n\nThe second and final tranche of the private placement is expected to close on or before August 29, 2014.\n\nAll securities issued in the first tranche will be subject to a statutory hold period expiring December 13, 2014.\n\nAbout Goldgroup\n\nGoldgroup is a Canadian-based gold production, development, and exploration Company with significant upside in a portfolio of projects in Mexico, including its flagship 100%-owned advanced stage gold development project Caballo Blanco in the state of Veracruz, and a 50% 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. The Company also operates its 100%-owned Cerro Prieto and Cerro Colorado heap-leach gold mines, both in the state of Sonora.\n\nGoldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, building a leading gold producer in Mexico. \n\nFor further information on Goldgroup, please visit www.goldgroupmining.com\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION \n\nCertain information contained in this news release, including any information relating to future financial or operating performance, may be considered \"forward-looking information\" (within the meaning of applicable Canadian securit...