Business
TSX Provides Final Approval of Business Combination and Goldgroup Mining Inc. Shares Commence Trading on a Post-Consolidation Basis under the Symbol GGA
TSX Provides Final Approval of Business Combination and Goldgroup Mining Inc. Shares Commence Tra...
About this update from Goldgroup Mining Inc.
[{"type":"text","content":"\n\n\n\n May 7, 2010 (Canada NewsWire Group) -- TSX:GGA\n\n Goldgroup Mining Inc. ("Goldgroup") is pleased to announce that the Toronto Stock Exchange ("TSX") has given final approval to the business combination (the "Transaction") between Goldgroup, formerly known as Sierra Minerals Inc. (TSX:SIM), and Goldgroup Resources Inc. ("Old Goldgroup"). As previously announced, the Transaction was completed on April 30, 2010. The common shares of Goldgroup, formerly known as Sierra Minerals Inc., which were consolidated on a 2.85 (old) for 1 (new) basis, will commence trading at the open of the market today on the TSX under the new symbol "GGA". On an adjusted basis, the May 6 closing price of SIM of $0.37 equates to $1.05 in terms of GGA. A total of 51,942,637 post-consolidation common shares of Goldgroup were issued to Old Goldgroup shareholders as part of the Transaction such that there are now 84,952,432 post-consolidation common shares of Goldgroup outstanding giving a market capitalization of approximately $89.2 million based on May 6th's closing price.\n\nAbout Goldgroup Mining Inc.\n\nGoldgroup is a Canadian based gold production and exploration company focused on Mexico. Goldgroup owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. All gold production is un-hedged and Goldgroup expects to produce approximately 25,000 to 30,000 ounces of gold in 2010. Goldgroup's portfolio of exploration and development properties includes its 70% owned flagship project, Caballo Blanco in Veracruz, along with its 50% earnable interest in the San José de Gracia high-grade underground project in Sinaloa and the 100% owned El Porvenir project in Aguascalientes.\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 deemed "forward-looking". All statements in this news release, other than statements of historical fact, that address events or developments that Goldgroup expects to occur, are "forward-looking information". These statements relate to future events or future performance and reflect Goldgroup's expectations regarding the future growth, results of operations, business prospects and opportunities of Goldgroup....