Non-brokered deal sells 7,458,021 common share units at C$0.20 apiece
By Devika Patel
Knoxville, Tenn., Aug. 22 – Goldgroup Mining Inc. said it raised C$384,422 in the second and final tranche of a C$1.49 million non-brokered private placement of units on Tuesday. The deal priced for C$1 million on July 29 and raised C$1.11 million on Aug. 13.
The company sold 7,458,021 units of one common share and one half-share warrant at C$0.20 per unit. It sold 5,535,909 units in the first tranche and 1,922,112 units in the second tranche.
Each whole warrant will be exercisable at C$0.25 for two years. The strike price reflects a 57.9% premium to the July 28 closing share price of C$0.19.
Proceeds will be used for working capital.
The gold production and exploration company is based in Vancouver, B.C.
| Issuer: | Goldgroup Mining Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,491,604
|
| Units: | 7,458,021
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 12 (for C$1,107,182), Aug. 22 (for C$384,422)
|
| Stock symbol: | Toronto: GGA
|
| Stock price: | C$0.19 at close July 28
|
| Market capitalization: | C$22.51 million
|
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