Followers | 12 |
Posts | 2518 |
Boards Moderated | 0 |
Alias Born | 01/27/2011 |
Sunday, August 14, 2016 2:04:40 PM
Is the 10% buy back limit for the life of debentures?
What are the payback terms aside from debt holders converting?
What incentive do the debt holders have not to immediately convert if fixed @.13?
from the company press release:
July 19, 2016
TORONTO, ON --(Marketwired - July 19, 2016) - Gran Colombia Gold Corp. (TSX: GCM)(OTC PINK: TPRFF) announced today that it has received approval from the Toronto Stock Exchange (the "TSX") to commence normal course issuer bids for 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"). The 2018 Debentures and 2020 Debentures currently trade on the TSX under the trading symbols GCM.DB.U and GCM.DB.V, respectively.
Under the terms of the bids the Company will have the right to purchase for cancellation up to a maximum of US$6,633,471 aggregate principal amount of 2018 Debentures and a maximum of US$9,629,597 aggregate principal amount of 2020 Debentures through the facilities of the TSX or alternative Canadian trading systems. This amount represents approximately 10% of the public float of the 2018 Debentures and 2020 Debentures, respectively, issued and outstanding as of July 11, 2016, determined in accordance with the applicable rules of the TSX. As of the date hereof, the aggregate principal amount issued and outstanding 2018 Debentures is US$63,742,176 and 2020 Debentures is US$103,294,350.
Management of the Company will determine the actual number of 2018 Debentures and 2020 Debentures that may be purchased and the timing of any such purchases, subject to compliance with applicable TSX rules. Daily purchases will be limited to US$17,154 principal amount of 2018 Debentures and US$12,279 principal amount of 2020 Debentures, other than block purchase exceptions. Purchases made pursuant to the bids will be made on the open market through the facilities of the TSX or other designated exchanges and published markets in Canada, and the price that the Company will pay for any such Debentures will be the market price at the time of the acquisition. The Company will not purchase Debentures when the market price per US$100 aggregate principal amount of Debentures exceeds US$100.
The Company is proposing to commence the bid on July 21, 2016, and have it remain open until the earlier of July 20, 2017 or the date on which the Company has purchased the maximum number of Debentures permitted under each bid. The Company has not purchased any 2018 Debentures or 2020 Debentures during the previous 12 months.
Under the terms of the indenture governing each of the Debentures, and as further described in such documents, the Company is required to set aside certain amounts of its excess free cash for repayment, repurchase or redemption of the Debentures. In accordance with each indenture, the Company is entitled and intends to use such funds for purchases of Debentures through the normal course issuer bids. The Company intends to make the bids because it believes: (i) that the 2018 Debentures and 2020 Debentures may be undervalued from time to time in relation to its current and future business prospects; (ii) that the purchase of Debentures though the bids is the best use of any excess free cash accumulated as per the terms of the indentures governing each of the Debentures and (iii) that Debentures may become available during the period of the bids at prices that would make the purchase of Debentures for cancellation an appropriate use of available funds and in the best interests of the Company and its shareholders.
Recent ARMN News
- ARIS MINING Q1 PRODUCTION ON TRACK TO DELIVER FULL YEAR 2024 GUIDANCE WHILE EXPANSION PROJECTS ADVANCE • PR Newswire (US) • 04/15/2024 09:00:00 PM
- ARIS MINING Q1 PRODUCTION ON TRACK TO DELIVER FULL YEAR 2024 GUIDANCE WHILE EXPANSION PROJECTS ADVANCE • PR Newswire (Canada) • 04/15/2024 09:00:00 PM
- ARIS MINING ANNOUNCES APPOINTMENT OF RICHARD ORAZIETTI AS CFO AND OLIVER DACHSEL AS SVP, CAPITAL MARKETS • PR Newswire (Canada) • 04/08/2024 11:00:00 AM
- ARIS MINING ANNOUNCES APPOINTMENT OF RICHARD ORAZIETTI AS CFO AND OLIVER DACHSEL AS SVP, CAPITAL MARKETS • PR Newswire (US) • 04/08/2024 11:00:00 AM
- ARIS MINING REPORTS 2023 RESULTS WITH GUIDANCE ACHIEVED, NET EARNINGS OF $11.4M, ADJUSTED EARNINGS OF $52.2M ($0.38/SHARE), ADJUSTED EBITDA OF $159M • PR Newswire (Canada) • 03/06/2024 11:26:00 PM
- ARIS MINING REPORTS 2023 RESULTS WITH GUIDANCE ACHIEVED, NET EARNINGS OF $11.4M, ADJUSTED EARNINGS OF $52.2M ($0.38/SHARE), ADJUSTED EBITDA OF $159M • PR Newswire (US) • 03/06/2024 11:26:00 PM
- ARIS MINING TO ANNOUNCE FULL-YEAR 2023 RESULTS ON MARCH 6, 2024 • PR Newswire (Canada) • 02/22/2024 12:50:00 PM
- ARIS MINING TO ANNOUNCE FULL-YEAR 2023 RESULTS ON MARCH 6, 2024 • PR Newswire (US) • 02/22/2024 12:50:00 PM
- ARIS MINING ANNOUNCES APPOINTMENT OF TWO INDEPENDENT DIRECTORS • PR Newswire (Canada) • 02/14/2024 10:30:00 PM
- ARIS MINING ANNOUNCES APPOINTMENT OF TWO INDEPENDENT DIRECTORS • PR Newswire (US) • 02/14/2024 10:30:00 PM
- ARIS MINING ACHIEVES 2023 PRODUCTION GUIDANCE AND PROVIDES 2024 OUTLOOK • PR Newswire (US) • 01/16/2024 12:00:00 PM
- ARIS MINING ACHIEVES 2023 PRODUCTION GUIDANCE AND PROVIDES 2024 OUTLOOK • PR Newswire (Canada) • 01/16/2024 12:00:00 PM
- ARIS MINING FILES NI 43-101 TECHNICAL REPORT FOR SEGOVIA OPERATIONS • PR Newswire (Canada) • 12/06/2023 08:44:00 PM
- ARIS MINING FILES NI 43-101 TECHNICAL REPORT FOR SEGOVIA OPERATIONS • PR Newswire (US) • 12/06/2023 08:44:00 PM
- ARIS MINING INCREASES SEGOVIA GOLD MINERAL RESERVES BY +75% TO 1.3 MOZ AND ANNOUNCES PLANT EXPANSION TO INCREASE PRODUCTION RATE • PR Newswire (Canada) • 11/27/2023 12:00:00 PM
- ARIS MINING INCREASES SEGOVIA GOLD MINERAL RESERVES BY +75% TO 1.3 MOZ AND ANNOUNCES PLANT EXPANSION TO INCREASE PRODUCTION RATE • PR Newswire (US) • 11/27/2023 12:00:00 PM
- ARIS MINING INCREASES SEGOVIA OPERATIONS' MEASURED AND INDICATED MINERAL RESOURCES BY +114% TO 3.6 MOZ AT 14.34 g/t AU • PR Newswire (US) • 11/02/2023 10:06:00 PM
- ARIS MINING INCREASES SEGOVIA OPERATIONS' MEASURED AND INDICATED MINERAL RESOURCES BY +114% TO 3.6 MOZ AT 14.34 g/t AU • PR Newswire (Canada) • 11/02/2023 10:06:00 PM
- ARIS MINING RELEASES ITS ANNUAL SUSTAINABILITY REPORT • PR Newswire (Canada) • 10/06/2023 11:00:00 AM
- ARIS MINING RELEASES ITS ANNUAL SUSTAINABILITY REPORT • PR Newswire (US) • 10/06/2023 11:00:00 AM
- Metals & Mining Virtual Investor Conference Agenda Announced for October 3rd- October 5th • GlobeNewswire Inc. • 10/02/2023 12:35:00 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM