Canada NewsWire
VANCOUVER, Aug. 3, 2016
VANCOUVER, Aug. 3, 2016 /CNW/ - Goldgroup Mining Inc. ("Goldgroup" or the "Company") (TSX:GGA, OTC:GGAZF, BMV SIX:GGAN.MX) announces it has closed the sale of rights to the contingent consideration as disclosed in the press release detailing the Caballo Blanco transaction on December 24, 2014 (the "Right") to Credipresto S.A de C.V. SOFOM E.N.R ("Credipresto").
The consideration for the Right is US$2,500,000, of which US$1,900,000was paid at execution and an additional US$600,000 will be paid in the event the owner of Caballo Blanco receives the approval of the project's environmental impact statement from SEMARNAT. This US$600,000contingent payment no longer has an expiration date.
The US$1,900,000 proceeds received by Goldgroup was immediately used to pay back part of the outstanding loan facility (the "Facility") with Credipresto.