Goldgroup-Gold Resource Merger Closes, NYSE American Listing Ahead

Goldgroup Mining has closed its merger with Gold Resource Corporation, creating a Mexico-focused precious metals producer that will soon trade on the NYSE American. The deal, announced in January and approved by shareholders on July 2, gives GRC shareholders 0.3619 Goldgroup shares for each of their existing shares.

Goldgroup said the combined company will operate three gold assets in Mexico. The San Francisco project in Sonora is fully permitted for a restart with two open pits and heap leach processing. The Cerro Prieto mine, also in Sonora, is already producing. The Don David Gold Mine in Oaxaca adds further output. Allen Palmiere, the new CEO, called the merger a "transformational milestone."

GRC will delist from the NYSE American before market open around July 20. Goldgroup will begin trading the same day under the ticker GORO on that exchange. Its shares will also drop their OTC Markets quotation. The TSX Venture Exchange has approved the ticker change from GGA to GORO, effective July 22. Goldgroup's board and management have been reconstituted, with Ron Little and Lila Manassa Murphy among the new directors.