Goldgroup Mining Inc. (TSX:GGA) (OTC:GGAZF) ( BMV SIX:GGAN.MX) is pleased to announce that a first tranche of the upsized non-brokered private placement of units announced on April 19, 2022 and June 3, 2022 has been completed.

Pursuant to the first tranche of the Private Placement, the Company issued 17,442,857 Units at a price ‎of $0.035 per Unit, for aggregate gross proceeds of approximately $610,500. Each Unit consists of one ‎common share of the Company and one common share purchase warrant with each Warrant exercisable to purchase one Share at a ‎price of $0.05 per Share until June 9, 2025.

All securities issued in connection with the Private Placement are subject to a statutory four month hold period ‎expiring October 10, 2022. The Private Placement is subject to final Toronto Stock Exchange approval. ‎

No commissions or finder fees were payable in connection with the Private Placement. The proceeds from the Private Placement will be used to maintain the Company’s existing operations and general working capital requirements.

THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

About Goldgroup

Goldgroup is a Canadian-based gold production, development, and exploration Company with a significant upside in a portfolio of projects in Mexico, including an interest in DynaResource de Mexico, S.A. de C.V., which owns 100% of the high-grade gold exploration project, San José de Gracia located in the State of Sinaloa. In addition, the Company operates its 100%-owned Cerro Prieto heap-leach gold mine, in the State of Sonora, Mexico.

Goldgroup is led by a team of highly successful and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico. Goldgroup’s mission is to increase gold production, mineral resources, profitability and cash flow, with a view to building a leading gold producer.