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Goldgroup Issuance of Common Shares to Satisfy US$200,000 Owing to Oroco Resource Corp.
Goldgroup Issuance of Common Shares to Satisfy US$200,000 Owing to Oroco Resource Corp. ...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\nGoldgroup Issuance of Common Shares to Satisfy US$200,000 Owing to Oroco Resource Corp.\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGoldgroup Issuance of Common Shares to Satisfy US$200,000 Owing to Oroco Resource Corp.\nCanada NewsWire\nVANCOUVER, Feb. 12, 2016\n\n\n\nVANCOUVER, Feb. 12, 2016 /CNW/ - Goldgroup Mining Inc. (\"Goldgroup\" or the \"Company\") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has issued 4,691,000 common shares (the \"Shares\") at a deemed price of $0.06 per Share to satisfy debt owing to Oroco Resource Corp. (\"Oroco\") in the amount of US$200,000 (being the equivalent of Cdn$281,460 calculated using the Bank of Canada Noon Exchange Rate on January 28, 2016 of US$1.00: Cdn$1.4073 (the \"Transaction\"). \n\nOf the US$200,000 debt satisfied, US$145,000 is allocated to the balance outstanding on two promissory notes, each dated May 31, 2015 (the \"Promissory Notes\"), issued pursuant to a payment agreement between the Company and Oroco made effective as of May 31, 2015 (and as described in the press release issued by the Company on September 29, 2015).  US$55,000 is related to the Mexican Value Added Tax (the \"VAT Payable\") owed to Oroco pursuant to an Assignment of Debt Agreement between the Company and Oroco made effective as of September 19, 2014 (and as described in the press release issued by the Company on September 22, 2014). \n\nFollowing the completion of the Transaction, the Company owes Oroco approximately US$116,000 in respect of the VAT Payable (due on demand).  The principal balance outstanding on the Promissory Notes is US$805,000 (of which US$255,000 is due on demand).  The Company also accrued approximately US$55,000 of interest (due on demand) related to the Promissory Notes.  The remainder of the payment terms of the Promissory Notes are the same as those described in the press release issued by the Company on September 29, 2015.\n\nThe Company continues to negotiate the terms of the Promissory Notes with Oroco due to the current market condition. \n\nA...