Goldgroup Announces Proposed USD $400,000 Convertible Debt Financing and Provides Update to Its Board of Directors
Goldgroup Announces Proposed USD $400,000
Convertible Debt Financing and Provides
Update to Its Board of Directors
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2024) - Goldgroup Mining Inc. (TSX: GGA)
(OTC Pink: GGAZF) (BMV SIX: GGAN.MX) ("
Goldgroup
" or the "
Company
") is pleased to announce it
is in the process of arranging convertible debt financing ("
Convertible Debts
") of up to USD $400,000
of which USD $100,000 has already been received. The Convertible Debts will be unsecured, bear
interest at 12% per annum, will be repayable 18 (eighteen) months post closing and will be convertible
into common shares of the Company at CAD $0.10 per share at a fixed FX rate of 0.76 USD to CAD at
the election of the lender(s).
No commissions or fees are payable in connection with the Convertible Debts and the proceeds will be
used to improve the Company's Cerro Prieto heap leach gold mining operations and general working
capital requirements.
The closing of the Convertible Debts is subject to receipt of all necessary approvals, including approval
of the Toronto Stock Exchange.
Changes to the Board
The Company announces that Mr. Javier Montano has resigned from the Board of Directors. The
Company would like to thank Mr. Montano for his time, services, and for the valuable contributions made
during his time with the Company.
The Company also announces the appointment of Mr. Roberto Guzman to its Board of Directors. Mr.
Guzmán obtained a master's degree in Finance from the Universidad Tecnologica de Mexico in 1989
and has more than 25 years of experience in the Financial Sector, primarily in Mexico. Initially working as
finance manager for several Mexican publicly traded companies as well as other private Mexican
financial companies.
Ralph Shearing, CEO commented: "We are excited to welcome Mr. Guzman to the Company and very
much look forward to utilizing his experience on the Board."
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THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
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UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION
FROM REGISTRATION REQUIREMENTS.
About Goldgroup
Goldgroup is a Canadian-based mining Company that owns and operates the Cerro Prieto heap-leach
gold mine located in the State of Sonora, Mexico and is led by a team of highly successful and seasoned
individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico.
For further information on Goldgroup, please visit
www.goldgroupmining.com
On behalf of the Board of Directors
Investor Relations
Toll Free: 1-877-655-ozAu (6928)
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. Such
securities have not been, and will not be, registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered
or sold within the United States, or to or for the account or benefit of persons in the United States or
"U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an
exemption from such registration requirements.
The TSX has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain information contained in this news release, including any information relating to future
financial or operating performance, may be considered "forward-looking information" (within the
meaning of applicable Canadian securities law) and "forward-looking statements" (within the meaning
of the United States Private Securities Litigation Reform Act of 1995). These statements relate to
analyses and other information that are based on forecasts of future results, estimates of amounts not
yet determinable and assumptions of management. Actual results could differ materially from the
conclusions, forecasts and projections contained in such forward-looking information.
These forward-looking statements reflect Goldgroup's current internal projections, expectations or
beliefs and are based on information currently available to Goldgroup. In some cases forward-looking
information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan",
"anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the
negative of those terms or other comparable terminology. Certain assumptions have been made
regarding the Convertible Debts and the Company, including the receipt of Toronto Stock Exchange
approval, the proposed use of proceeds raised pursuant to the Convertible Debts and the Company's
plans at the Cerro Prieto project. Many of these assumptions are based on factors and events that are
not within the control of Goldgroup and there is no assurance they will prove to be correct.
Forward-looking information is subject to a variety of known and unknown risks, uncertainties and
other factors that could cause actual events or results to materially differ from those reflected in the
forward-looking information, and are developed based on assumptions about such risks, uncertainties
and other factors including, without limitation: receipt of all required stock exchange and regulatory
approvals; the scope, duration and impact of the COVID-19 pandemic; the scope, duration and
impact of regulatory responses to the pandemic on the employees, business and operations;
uncertainties related to actual capital costs operating costs and expenditures; production schedules
and economic returns from Goldgroup's projects; uncertainties associated with development activities;
uncertainties inherent in the estimation of mineral resources and precious metal recoveries;
uncertainties related to current global economic conditions; fluctuations in precious and base metal
prices; uncertainties related to the availability of future financing; potential difficulties with joint venture
partners; risks that Goldgroup's title to its property could be challenged; political and country risk; risks
associated with Goldgroup being subject to government regulation; risks associated with surface
rights; environmental risks; Goldgroup's need to attract and retain qualified personnel; risks
associated with potential conflicts of interest; Goldgroup's lack of experience in overseeing the
construction of a mining project; risks related to the integration of businesses and assets acquired by
Goldgroup; uncertainties related to the competitiveness of the mining industry; risk associated with
theft; risk of water shortages and risks associated with competition for water; uninsured risks and
inadequate insurance coverage; risks associated with potential legal proceedings; risks associated
with community relations; outside contractor risks; risks related to archaeological sites; foreign
currency risks; risks associated with security and human rights; and risks related to the need for
reclamation activities on Goldgroup's properties, as well as the risk factors disclosed in Goldgroup's
Annual Information Form and MD&A. Any and all of the forward-looking information contained in this
news release is qualified by these cautionary statements.
Although Goldgroup believes that the forward-looking information contained in this news release is
based on reasonable assumptions, readers cannot be assured that actual results will be consistent
with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-
looking information. Goldgroup expressly disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, events or otherwise, except as may
be required by, and in accordance with, applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/194330