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Enter Symbol
or Name
USA
CA



Goldgroup Mining Inc
Symbol GGA
Shares Issued 185,136,689
Close 2018-10-05 C$ 0.055
Market Cap C$ 10,182,518
Recent Sedar Documents

Goldgroup closes $1.8M (U.S.) loan facility

2018-10-05 20:45 ET - News Release

Mr. Keith Piggott reports

GOLDGROUP ANNOUNCES ACCENDO LOAN FACILITY

Goldgroup Mining Inc. has closed an agreement with Accendo Banco SA, a multiple banking institution, for a $1.8-million (U.S.) secured medium-term loan facility.

Facility terms:

  • Amount $1.8-million (U.S.);
  • Term of 24 months;
  • Standby charge of 1.0 per cent per annum on undrawn amounts;
  • Interest rate of 15 per cent per annum;
  • The interest rate for overdue payments increases to 30 per cent per annum;
  • Principal and interest must be repaid quarterly; the principal is repaid in equal quarterly instalments from drawdown with final payment in December, 2020;
  • The credit amount can be requested in any increment with three days notice;
  • Every withdrawal will have a separate promissory note and repayment schedule.

An initial drawdown of $1,379,185 (U.S.) is being used to repay in full the Credipresto SAPI de CV SOFM ENR outstanding loan payable. A second drawdown of $420,815 (U.S.) is intended to occur shortly and will be used for continuing development work at the Cerro Prieto project and general working capital. The facility is secured against certain assets of the company, including Cerro Prieto.

About Goldgroup Mining Inc.

Goldgroup is a Canadian-based gold production, development and exploration company with a significant upside in a portfolio of projects in Mexico and Ecuador, including a 50-per-cent interest in DynaResource de Mexico SA de CV, which owns 100 per cent of the high-grade gold exploration project, San Jose de Gracia, located in the state of Sinaloa. The company operates its 100-per-cent-owned Cerro Prieto heap-leach gold mine in the state of Sonora, Mexico, and is continuing the environmental assessment and permitting processes to advance to production the El Mozo property in Ecuador.

Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance and exploration in Mexico and Ecuador. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.

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