Goldgroup Mining Inc. launched a non-brokered private placement to raise up to US$75 million. Cornerstone investors including affiliates of Trafigura, Eric Sprott, and Rick Rule committed approximately US$60 million.
The offering consists of up to 20,547,945 units. The company priced each unit at US$3.65. Each unit includes one common share and one-half of a common share purchase warrant.
A whole warrant permits the purchase of one common share at US$5.10. The warrant remains exercisable for 18 months following the closing date.
Goldgroup Mining will use the financing to accelerate growth and advance gold assets.