Goldgroup Announces Loan Agreement | MarketScreener

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VancouverGoldgroup Mining Inc. (TSX: GGA) (OTC Pink: GGAZF) (BMV SIX: GGAN.MX) (“Goldgroup” or the “Company”) is pleased to announce that it has entered into a loan agreement dated August 10, 2022 with Sail Natural Resources LP to the principal amount of US$550,000 (a loan’).

The lender is a private resource-based investment vehicle focused on supporting growth-stage mining companies. The loan bears interest at 5% per annum, will be repaid in 11 equal monthly installments of USD $50,000 starting on October 10, 2022ripening the August 10, 2023. The Loan is initially advanced on an unsecured basis, however, pursuant to the Loan Agreement, the Company has agreed to use reasonable efforts in the future to re-arrange certain security provided by the Company under a credit of Accendo Bank SA (“Accendo”) so that the loan is secured by the Accendo credit facility. There is no guarantee that such security will ultimately be granted in favor of the Lender.

The Company does not issue any securities or pay any bonus, commission or finder’s fees in respect of the Loan. The loan is repayable at any time before maturity without penalty. The loan proceeds will be used to maintain the Company’s existing operations and general working capital needs.

About Goldgroup

Goldgroup is a Canadian gold production, development and exploration company with significant growth potential in a portfolio of ongoing projects. Mexicoincluding an interest in DynaResource de Mexico, SA de CVwhich owns 100% of the high-grade gold exploration project, San Jose de Gracia located in the State of Sinaloa. In addition, the Company operates its wholly-owned subsidiary Cerro Prieto heap leach gold mine in the Sonora StateMexico.

Goldgroup is led by a team of highly qualified and seasoned individuals with extensive expertise in mining 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.

Contact:

Tel: 1-877-655-(6928)

Web: www.goldgroupmining.com

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the titles. laws of such jurisdiction. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “WE Securities Act’), or any state securities law, and therefore may not be offered or sold in United Statesor to or for the account or benefit of persons in United States Where ‘WE Persons’, as that term is defined in Regulation S promulgated under the WE Securities Act, unless registered under the WE Securities Act and applicable state securities laws or under an exemption from these registration requirements.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain information contained in this press 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 analyzes and other information that are based on forecasts of future results, estimates of amounts not yet determinable and management’s assumptions. Actual results could differ materially from the conclusions, forecasts and projections contained in this 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 instances, forward-looking information may be identified by terms such as “may”, “shall”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believes”, “estimates”, “projects”, “potential”, “planned”, “forecast”, “budget” or the negative of these terms or any other comparable terminology. Certain assumptions have been made regarding the Private Placement and the Company, including the receipt of Toronto Stock Exchange approval, the proposed use of proceeds raised under the private placement and the Company’s plans for the Cerro Prieto project. Many of these assumptions are based on factors and events beyond Goldgroup’s control and there can be no assurance that 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 differ materially from those reflected in the forward-looking information, and is prepared on the basis of assumptions regarding these risks, uncertainties and other factors, including, without limitation: the 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 employees, businesses and operations; uncertainties relating to actual capital costs, operating costs and expenses; production schedules and economic benefits of Goldgroup’s projects; uncertainties associated with development activities; the uncertainties inherent in estimating mineral resources and recoveries of precious metals; uncertainties related to current global economic conditions; price fluctuations of precious and base metals; uncertainties related to the availability of future financing; potential difficulties with joint venture partners; the risks that Goldgroup’s title to its property may 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 supervising 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; theft risk; risk of water scarcity and risks associated with competition for water; uninsured risks and inadequate insurance coverage; the risks associated with possible legal proceedings; risks associated with community relations; the risks of external contractors; risks related to archaeological sites; currency risks; risks associated with security and human rights and risks associated with the need for remediation activities on Goldgroup’s properties, as well as the risk factors disclosed in the annual information form and the management report of Goldgroup. All forward-looking information contained in this press release is qualified by these cautionary statements.

Although Goldgroup believes that the forward-looking information contained in this press release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned not to place 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. .

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