Tuesday, September 06, 2016 11:02:55 PM
http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2016/Gran-Colombia-Gold-Provides-Positive-Updates-on-Senior-Debt-Reduction-and-Gold-Production-for-August-2016/default.aspx
Gran Colombia Gold Provides Positive Updates on Senior Debt Reduction
and Gold Production for August 2016 -
September 06, 2016
TORONTO, ON --(Marketwired - September 06, 2016) -
Gran Colombia Gold Corp. (TSX: GCM)(OTC PINK: TPRFF) announced today
that the aggregate principal amounts of its Senior Unsecured
Convertible Debentures due 2018 (the "2018 Debentures") and
its Senior Secured Convertible Debentures due 2020
(the "2020 Debentures" and together the "Debentures")
decreased by a total of US$12.3 million in the month of August 2016
through holders' elections to convert Debentures into common shares
of the Company and through the Company's previously announced
Normal Course Issuer Bids ("NCIBs") for the Debentures.
During the month of August 2016, holders converted a total of US$10.9
million aggregate principal amount of the 2018 Debentures into 83.7
million common shares of the Company.
In addition, the Company used a total of US$1.1 million of its
Excess Cash Flow that had been deposited into the sinking funds for
the Debentures to repurchase, for cancellation, US$765,000 aggregate
principal amount of its 2018 Debentures and US$635,817 aggregate
principal amount of its 2020 Debentures at discounts to par value
through the NCIBs for the Debentures.
As of today, the Company's issued and outstanding common shares and
principal amounts of its Debentures are summarized as follows:
Common shares TSX: GCM 277,575,002
2018 Debentures TSX: GCM.DB.U US$49,763,337
2020 Debentures TSX: GCM.DB.V US$102,474,496
Production Update
The Company also announced today that it
produced a total of 13,451 ounces of gold in the month of August 2016,
bringing the total gold production for the first eight months of 2016
to 96,752 ounces.
The Company remains on track with its gold production guidance for 2016
of a total of 135,000 to 145,000 ounces for the full year.
Gold production in August 2016 from
the Segovia Operations and Marmato underground mines
amounted to 11,461 ounces and 1,990 ounces, respectively,
bringing the total gold production through the end of August 2016
to 81,075 ounces and 15,677 ounces, respectively.
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 in the midst of an expansion and modernization project
at its Segovia Operations.
http://www.grancolombiagold.com/news-and-investors/events-and-presentations/presentations/default.aspx
http://www.grancolombiagold.com/Home/default.aspx
Additional information on Gran Colombia can be found on its website at
http://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"----is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
- God Bless -
-
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