Aris Mining Corp (ARMN)

[NYBob]

Gran Colombia Announces CA$14 Million Investment in Caldas Gold to Fund
the Juby Project Acquisition Closing on July 2, 2020
GlobeNewswire GlobeNewswireJune 30, 2020
TORONTO, June 30, 2020 (GLOBE NEWSWIRE) --


Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that
it has acquired 7,000,000 common shares of Caldas Gold Corp.
(“Caldas Gold”) in a non-brokered private placement at a price of
CA$2.00 per share for a total investment of CA$14,000,000
(the “Private Placement”).
The proceeds of the Private Placement will be used by Caldas Gold on
July 2, 2020 to complete the acquisition of South American Resources
Corp. (“SARC”).
SARC has completed the acquisition of certain mining assets in
Northeastern Ontario, including a 100% interest in
the Juby Project and a 25% joint venture interest in certain
claims adjoining the Juby Project.
The common shares acquired by Gran Colombia are subject to a four-month
hold period expiring on October 31, 2020.

The Juby Project is an advanced exploration-stage gold project located
approximately 15 km west-southwest of the town of Gowganda and 100 km
south-southeast of the Timmins gold camp within the Shining Tree area in the southern part of the Abitibi greenstone belt.
Over 14,000 acres are controlled through the patented claims of the
Juby Project covering 10 km strike length on the mineralized trend.

Prior to the completion of Private Placement, Gran Colombia owned,
directly or indirectly, or exercised control or direction over,
37,547,100 common shares and 7,500,000 share purchase warrants of
Caldas Gold (the “Warrants”), with each Warrant entitling
Gran Colombia to acquire one common share of Caldas Gold.
The 37,547,100 common shares represented approximately 74.4% of the
total number of issued and outstanding common shares of Caldas Gold
prior to the Private Placement and if all of the Warrants were
exercised, Gran Colombia would have owned, directly or indirectly, or
exercised control or direction over, 45,047,100 common shares, or
approximately 77.7% of the total number of issued and outstanding
common shares of Caldas Gold on a partially diluted basis
prior to the Private Placement.

After the completion of the Private Placement, Gran Colombia now owns,
directly or indirectly, or exercises control or direction over,
44,547,100 common shares of Caldas Gold, representing approximately
77.5% of the total number of issued and outstanding common shares,
resulting in a 3.1% change to Gran Colombia’s holdings of
common shares of Caldas Gold.
If all of the Warrants were exercised, Gran Colombia would own,
directly or indirectly, or exercise control or direction over,
52,047,100 common shares, or approximately 80.1% of the total number
of issued and outstanding Common Shares, resulting in an increase of
2.4% to Gran Colombia’s holdings of common shares of Caldas Gold on a
partially diluted basis after the completion of the Private Placement.

In connection with the acquisition of SARC, Caldas Gold will issue
20,000,000 common shares (the “Consideration Shares”) to current
shareholders of SARC and will have funded SARC’s acquisition of
the Juby Project and adjoining claims.
Certain shareholders of SARC have entered into voluntary lock-up
agreements with Caldas Gold pursuant to which such security holders,
holding approximately 87% of the Consideration Shares, have agreed to
voluntarily lock-up their Consideration Shares for a period of two
years from the closing date of the Transaction.
No insiders of Caldas Gold or Gran Colombia will receive any of the
Consideration Shares.
Following the acquisition of SARC, Gran Colombia will have a 57.5%
equity interest in the issued and outstanding shares of Caldas Gold.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its
primary focus in Colombia where it is currently the largest underground
gold and silver producer with several mines in operation at its high-
grade Segovia Operations.
Gran Colombia owns approximately 77% of Caldas Gold Corp., a Canadian
mining company currently advancing a pre-feasibility study for a major
expansion and modernization of its underground mining operations at its
Marmato Project in Colombia.
Gran Colombia’s project pipeline includes its Zancudo Project in
Colombia together with an approximately 21% equity interest in
Gold X Mining Corp. (GLDX.V) (Guyana – Toroparu) and an approximately
20% equity interest in Western Atlas Resources Inc. (“Western Atlas”)
(WA.V) (Nunavut – Meadowbank).

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.

https://ca.finance.yahoo.com/news/gran-colombia-announces-ca-14-230710882.html