Gran Colombia Gold Completes Redemptions of 2020 and 2024 Debentures
May 14 2018 - 5:00PM
Gran Colombia Gold Corp. (the “Company” or “Gran Colombia”)
(TSX:GCM) announced today that it has completed the previously
announced redemptions of its Senior Secured Convertible Debentures
due 2020 and 2024 (collectively, the “Senior Debentures”). The
Company redeemed a total of $86.3 million aggregate principal
amount of Senior Debentures at par plus accrued and unpaid
interest. Since the closing of the debt offering on April 30, 2018,
holders of Senior Debentures have elected to convert a further $4.6
million aggregate principal amount of Senior Secured Debentures
into common shares, decreasing the ultimate amount required to be
redeemed. Including the cash in trust in the sinking fund for the
Senior Debentures which has now been released, the Company’s cash
position has been bolstered by $14.2 million through the Company’s
refinancing of its Senior Debentures and the elections by holders
to convert their debt into common shares.
As of today, the Company’s capital structure is
as follows:
Securities |
TSXSymbol |
Number |
SharesIssuable |
Exercise priceper share |
Expiry date |
|
|
|
|
|
|
Common
shares |
GCM |
30,466,462 |
|
|
|
|
|
|
|
|
|
Stock options |
|
47,000 |
47,000 |
CA$27.60 |
July
2019 |
|
|
709,999 |
709,999 |
CA$2.55 |
April
2021 |
|
|
1,006,328 |
1,006,328 |
CA$2.55 |
April
2022 |
|
|
81,666 |
81,666 |
CA$2.55 |
December 2022 |
|
|
1,844,993 |
1,844,993 |
|
|
|
|
|
|
|
Senior
convertible debentures |
|
|
|
|
2018 Debentures |
GCM.DB.U |
34,389,642 |
17,635,713 |
US$1.95 |
August 11, 2018 |
|
|
|
|
|
|
Warrants |
GCM.WT.A |
4,211,918 |
280,795 |
CA$48.75 |
March 18, 2019 |
|
|
|
|
|
|
Units (1) |
Unlisted |
97,992 |
12,151,008 |
CA$2.21 |
April
30, 2024 |
|
|
|
|
|
|
- Represent Units issued by the Company on April 30, 2018 (the
“Closing Date”) pursuant to the Offering. Each Unit consists of
US$1,000 principal amount of Notes and 124 Warrants. The Notes and
Warrants comprising each Unit will not separate until 45 days
following the Closing Date. The Notes and the Warrants are also
subject to a hold period equal to four months and a day following
the Closing Date and the Company will take commercially reasonable
steps to obtain approval for the listing and trading of the Notes
and the Warrants on the TSX by the end of the hold period.
About Gran Colombia Gold
Corp.
Gran Colombia is a Canadian-based gold and
silver exploration, development and production company with its
primary focus in Colombia. Gran Colombia is currently the largest
underground gold and silver producer in Colombia with several
underground mines in operation at its Segovia and Marmato
Operations. Gran Colombia is continuing to focus on exploration,
expansion and modernization activities at its high-grade Segovia
Operations.
Additional information on Gran Colombia can be
found on its website at www.grancolombiagold.com and by reviewing
its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking
Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the the Company’s balance sheet and anticipated
business plans or strategies. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gran Colombia to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors
that could cause actual results to differ materially from those
anticipated in these forward-looking statements are described under
the caption "Risk Factors" in the Company's Annual Information Form
dated as of March 27, 2018, which is available for view on SEDAR at
www.sedar.com. Forward-looking statements contained herein are made
as of the date of this press release and Gran Colombia disclaims,
other than as required by law, any obligation to update any
forward-looking statements whether as a result of new information,
results, future events, circumstances, or if management's estimates
or opinions should change, or otherwise. There can be no assurance
that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
For Further Information,
Contact:Mike DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
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