Goldgroup satisfies debt through shares
JOHANNESBURG (miningweekly.com) – TSX-listed Goldgroup Mining has issued 4.69-million common shares at $0.06 apiece to satisfy the $200 000 debt it owes to mineral exploration company Oroco Resource Corp.
Of the debt satisfied, $145 000 was allocated to the balance outstanding on two promissory notes – each dated May 31, 2015 – issued in accordance with a payment agreement between the two companies; $55 000 related to the Mexican value added tax (VAT) also owed to Oroco.
Following the completion of the transaction, Goldgroup would owe Oroco $116 000 in respect of the VAT payable.
The principal balance outstanding on the promissory notes was $805 000.
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