Vancouver, British Columbia (July 31, 2020). Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce a non-brokered private placement of up to 26,666,666 units of the Company ("Units") at a price of $0.03 per Unit for aggregate gross proceeds of up to approximately $800,000 (the "Private Placement'). Each Unit will consist of one common share (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"), with each whole Warrant being exercisable to purchase one Common Share at a price of $0.06 for two years from the date of closing of the Private Placement.
No commissions or fees are payable in connection with the Private Placement. The proceeds from the Private Placement will be used to maintain the Company's existing operations and general working capital requirements.
The Private Placement is expected to close before the end of August. Closing of the Private Placement is subject to receipt of all necessary approvals, including approval of the Toronto Stock Exchange. The Units may be sold: (a) in certain provinces of Canada on a private placement basis pursuant to the "accredited investor" exemption or other available and agreed upon exemptions from prospectus requirements; and/or (b) certain offshore jurisdictions (provided that placement in such offshore jurisdictions does not give rise to the filing of a prospectus or registration statement or to any continuous disclosure obligations). All securities issued under the Private Placement will be subject to statutory hold periods expiring four months and one day from the date of closing of the Private Placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Goldgroup
Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.
Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup's mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.
For further information on Goldgroup, please visit www.goldgroupmining.com
