Goldgroup Mining Inc. closed a non-brokered private placement, raising approximately US$121.8 million in gross proceeds. The company said it was the largest financing in its history. Strong institutional demand helped the offering exceed its initial US$75 million target by more than 60%.\n\nGoldgroup issued 33,382,326 units at US$3.65 per unit. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant is exercisable at US$5.10 until March 25, 2028.\n\nThe company plans to use the net proceeds for working capital and to advance its current mining and development projects. It will also evaluate strategic investment and M&A opportunities. The financing is expected to give Goldgroup greater financial flexibility to pursue growth initiatives.