Goldgroup Mining Inc., TSX:GGA, ("Goldgroup" or
the "Company") is pleased to announce that, further to the news
release of November 24, 2010, it has closed a private placement with Mr. Sam Magid. The placement consists of 3,000,000 units at $1.00
per unit for gross proceeds of $3,000,000. Each unit consists of one common
share of the Company and one warrant to purchase one additional common share
at $1.25 per share until November 26, 2015. The securities issued in
connection with the private placement are subject to a four month hold period
expiring March 27, 2011. A cash commission equal to 6 % of the gross proceeds
has been paid in connection with this placement.
About
Goldgroup
Goldgroup
is a Canadian-based gold production and exploration Company focused
exclusively on Mexico, targeting growth in gold production, mineral
resources, profitability and cash flow from a portfolio of production,
development and exploration stage projects. Goldgroup
is led by a team of highly successful and seasoned individuals with extensive
expertise in exploration, corporate finance and mine development in Mexico.
The
Company owns and operates the Cerro Colorado Gold Mine in Sonora, Mexico. The
Company's property portfolio includes its interests in the Caballo Blanco project in Veracruz and the San
José de Gracia high-grade gold project in
Sinaloa.
Neither
the Toronto Stock Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the Toronto Stock Exchange) accepts responsibility
for the adequacy or accuracy of this release.
This
news release and the information contained herein does not constitute an
offer of securities for sale in the United States and securities may not be
offered or sold in the United States absent registration or exemption from
registration.
For
further information
on
Goldgroup, please visit www.goldgroupmining.com
or contact: Keith Piggott, CEO, T: 604-682-1943
David Fry, Corporate Development, TF: 1-877-655-ozAu (6928)
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