- Goldgroup Mining (GGA) has signed a loan agreement with Calu Opportunity Fund worth US$2,160,000
- The loan, which is unsecured and repayable on December 31, 2023, bears annual interest of 6 per cent
- The company intends to seek shareholder approval to have the loan converted into common shares of the company at C$0.10 per share
- Goldgroup Mining Inc. is a Canadian-based gold production, development, and exploration company with a significant upside in a portfolio of projects in Mexico
- Goldgroup Mining Inc. was up 9.091 per cent, trading at C$0.12 at 11:56 AM ET
Goldgroup Mining (GGA) has signed a loan agreement with Calu Opportunity Fund worth US$2,160,000.
This loan includes $550,000 previously advanced to Goldgroup, which is restructured into the current loan amount.
The lender is a resource-focused private investment vehicle which supports growth-stage mining companies.
The loan, which is unsecured and repayable on December 31, 2023, bears an annual interest of 6 per cent.
The company intends to seek shareholder approval to have the loan converted into common shares of the company at C$0.10 per share at a fixed FX rate of 1.345 USD to CAD at the election of the lender to comply with TSX rules.
Calu Opportunity Fund would become a control block holder upon full conversion of the loan, owning approximately 55.90 per cent of Goldgroup on a partially-diluted basis.
The loan is repayable at any time before maturity without penalty.
The proceeds from the loan will be used to maintain the company’s existing operations and general working capital requirements.
Goldgroup Mining Inc. is a Canadian-based gold production, development, and exploration company with a significant upside in a portfolio of projects in Mexico.
Goldgroup Mining Inc. was up 9.091 per cent, trading at C$0.12 at 11:56 AM ET.