RE:What Are We? Chopped Liver??As they say, the third time is the charm. GGA is showing some Goodwill by making a $300k+ payment at once. As for the remainder, seeing is believing.
Oroco Resources Corp. ("Oroco") Promissory Note Amendment ("Amended Note")
The Company further amends the payment terms of the outstanding promissory note pursuant to the Cerro Prieto property sale (see news release dated September 3, 2013 and September 29, 2015).
The following are the newly amended terms:
| i) | CAD $100,000 paid to Oroco upon execution of the Amended Note to settle the break fee under the previous promissory note terms (see September 29, 2015 news release) |
| ii) | US$116,000 paid to Oroco to settle Oroco IVA payable outstanding upon execution of the Amended Note. The balance of the Oroco IVA payable would be $nil upon payment. |
| iii) | US$107,500 paid to Oroco towards the outstanding principal and interest of the Promissory Note. |
The Amended Note will have the following payment schedule ("Payment Schedule"):
| Date | Amount (US$) |
| September 30, 2016 | $25,000 |
| October 31, 2016 | $25,000 |
| November 7, 2016 | $200,000 |
| December 30, 2016 | $25,000 |
| January 6, 2017 | $200,000 |
| February 28, 2017 | $25,000 |
| March 31, 2017 | $25,000 |
| April 30, 2017 | $25,000 |
| May 31, 2017 | $25,000 |
| June 30, 2017 | Remainder of balance |
If Goldgroup fails to fulfill its obligation under the Payment Schedule:
| i) | Goldgroup shall pay Oroco a break fee equal to US$50,000; and |
| ii) | The new payment schedule will be revised to US$75,000 payable at the end of each calendar month; and |
| iii) | The entire remaining principal balance and interest will be payable on June 30, 2017. |
As at the date of this news release, the outstanding principal and interest of the Amended Note was approximately US$798,700.
Read more at https://www.stockhouse.com/news/press-releases/2016/08/11/goldgroup-provides-corporate-update#87VmwgPYJWlm0gYX.99