Goldgroup Announces Accendo Loan Facility
October 05 2018 - 8:32PM
Goldgroup Mining Inc. (“Goldgroup” or the “Company”) (TSX:GGA,
OTC:GGAZF, BMV SIX:GGAN.MX) is pleased to announce that the Company
closed an agreement with Accendo Banco S.A., Multiple Banking
Institution (the "Accendo"), for a USD $1.8 million secured medium
term loan facility (the "Facility").
Facility Terms
- Amount USD $1,800,000
- Term of 24 months
- Standby Charge of 1.0% per annum on undrawn amounts
- Interest rate of 15% per annum
- The interest rate for overdue payments increases to 30% per
annum
- Principal and interest must be repaid quarterly. The principal
is repaid in equal quarterly installments from drawdown with final
payment December 2020
- The credit amount can be requested in any increment with three
(3) days notice
- Every withdrawal will have a separate Promissory Note and
repayment schedule
An initial drawdown of USD $1,379,185 is being
used to repay in full the Credipresto SAPI de CV SOFM ENR
outstanding loan payable. A second drawdown of USD $420,815 is
intended to occur shortly and will be used for ongoing development
work at the Cerro Prieto Project ("Cerro Prieto") and general
working capital. The Facility is secured against certain assets of
the Company including Cerro Prieto.
About Goldgroup
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%
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. The Company operates its
100%-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.
For further information on Goldgroup, please
visit www.goldgroupmining.com
On behalf of the Board of
Directors,
Mr. Keith Piggott, Chairman and
PresidentTel: 1-520-247-5753
Investor Relations Toll
Free: 1-877-655-ozAu (6928)
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