Goldgroup Mining closed an agreement with Accendo Banco, multiple banking institution, for a $1.8 million secured medium-term loan facility.
Terms of the facility are:
- 24 months
- Standby charge of 1.0% per annum on undrawn amounts
- Interest rate of 15% per annum
- The interest rate for overdue payments increases to 30% per annum
- Principal and interest must be repaid quarterly. The principal is repaid in equal quarterly installments from drawdown with final payment December 2020
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An initial drawdown of $1,379,185 is being used to repay in full the Credipresto SAPI de CV SOFM ENR outstanding loan payable. A second drawdown of $420,815 is intended to occur shortly and will be used for ongoing development work at the Cerro Prieto Project and general working capital. The facility is secured against certain assets of the company including Cerro Prieto.
Goldgroup is a Canadian-based gold production, development and exploration company.
