Goldgroup Proposes to Acquire Mining Project

About this update from Goldgroup Mining Inc.

[{"type":"text","content":"Goldgroup Proposes to Acquire Mining Project\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 Vancouver, British Columbia –\n \n\n TheNewswire -\n \n\n August 14, 2024 -\n \n\n Goldgroup Mining Inc. (“\n \n\n Goldgroup\n \n\n ” or the “\n \n\n Company\n \n\n ”)\n(TSX-V:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) has entered into an agreement\non August 13, 2024 (the “\n \n\n Agreement\n \n\n ”) to acquire all of the interests\nowned by\n \n\n a group of creditors (the\n\"\n \n\n Creditor\nGroup\n \n\n \")\n \n\n who own a\nloan facility pursuant to which\n \n\n various advances\nwere made to Minera Apolo, S.A. de C.V. (“\n \n\n Apolo\n \n\n ”) (the\n“\n \n\n Loan Facility\n \n\n ”). The outstanding amount under the Loan Facility is\ncurrently approximately USD $2.7 million and the facility is secured\nagainst the assets and shares of Apollo located in\n \n\n San Luis Potosi\n \n\n , Mexico\n \n\n . Upon completion of the acquisition of the Loan Facility,\nthe Company plans to commence enforcement actions and settlement\ndiscussions in respect of the outstanding amounts under the Loan\nFacility, with the ultimate goal being the transfer of the shares of\nApolo as full or partial settlement of the Loan Facility. As a result,\nGoldgroup would acquire full ownership of Apolo which is the 100%\nowner of the fully permitted gold project located 140 kilometers east\nof the capital Zacatecas in the state of Zacatecas, Mexico (the\n“\n \n\n Pinos Project\n \n\n ”).\n \n\n\n\n In consideration for the acquisition of the Loan\nFacility from the Creditor Group, the Company proposes to issue 50\nmillion common shares\n \n\n pro\nrata\n \n\n to the members of the Creditor Group, pay\n \n\n cash consideration of USD $0.5M within 18 months\nof the closing date of the Agreement, and pay USD$1.5M in contingent\nconsideration which is only due upon the completion of certain\ncriteria, including a positive pre-feasibility study at the Pinos\nProject, the advancement of the project into commercial production,\npublishing an updated 43-101 with greater than 200,000 ounces of\ncontained gold equivalent ounces for the Pinos Project, or the\nCompany’s owned interest in the Pinos Project falling to less than\n51%. However, ...

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