Business
Goldgroup Consents to Restructuring and Sale by Monarch of Assets and Operations to Cascadia
Goldgroup Consents to Restructuring and Sale by Monarch of Assets and Operations to Cascad...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\nGoldgroup Consents to Restructuring and Sale by Monarch of Assets and Operations to Cascadia\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nBORDER-BOTTOM:black 1pt solid; BORDER-LEFT:black 1pt solid; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid\n}\n.prngen2{\nBORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: CENTER; BORDER-LEFT:black 1pt solid; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid\n}\n.prntbls{\nBORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGoldgroup Consents to Restructuring and Sale by Monarch of Assets and Operations to Cascadia\nCanada NewsWire\nVANCOUVER, May 13, 2016\n\n\n\nVANCOUVER, May 13, 2016 Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has consented to the restructuring and sale by Monarch Gold Corp. (\"Monarch\") of substantially all of its assets and operations to Cascadia Goldfields Company Ltd. (\"Cascadia\").  Pursuant to the restructuring and sale, Cascadia assumed the obligations of Monarch in respect of a CAD $2,500,000 loan previously made by the Company to Monarch (see press release on June 18, 2015), which is now overdue, and granted security in favour of the Company over all of the assets and operations acquired by Cascadia.  Pursuant to the restructured loan, Cascadia will be obligated to make the following payments:\n\n\n\n\nDue date\n\n\nPayment\n\n\n\nMay 3, 2016 (paid)\n\n\nCAD $250,000\n\n\n\nAugust 1, 2016\n\n\nCAD $425,000\n\n\n\nOctober 31, 2016\n\n\nCAD $425,000\n\n\n\nDecember 30, 2016\n\n\nCAD $400,000\n\n\n\nDecember 31, 2017\n\n\nCAD $1,000,000*\n\n\n\nTotal\n\n\nCAD $2,500,000\n\n \n\n*CAD $1,000,000 consists of CAD $500,000 in equity of Cascadia; and a 2.5% NSR beginning on December 31, 2017 with a capped payment of CAD $500,000.\n\nIn additio...