NEWS! Gran Colombia Gold Announces Trading of Its Common Shares on a Post-Consolidated Basis Will Commence at Market Open on April 27, 2017
April 25, 2017 TORONTO, ON --(Marketwired - April 25, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that the consolidation of the Corporation's issued and outstanding common shares on a one post-consolidation share for every fifteen pre-consolidation shares (1:15) basis has been made effective and the common shares will commence trading on a post-consolidated basis on the Toronto Stock Exchange at market open on Thursday, April 27, 2017. The Company's name and trading symbols will remain unchanged.
As a result of the share consolidation, there are now approximately 20,450,401 common shares issued and outstanding on a post-consolidated basis, subject to rounding for fractional shares as no fractional shares will be issued. The number of post-consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5. The number of common shares on a post-consolidated basis underlying the issued and outstanding warrants of the Company and the exercise price thereof will be adjusted in accordance with the applicable warrant certificate and indenture. Similarly, the conversion prices of the Company's Senior Unsecured Convertible Debentures due 2018 (the "2018 Debentures") and Senior Secured Convertible Debentures due 2020 (the "2020 Debentures") will also be adjusted in accordance with the applicable indenture.
The following table summarizes the Company's capital structure following the share consolidation:
Security Issued and Outstanding Following the Share Consolidation Common Shares (TSX: GCM) 20,450,401 (subject to rounding for fractional shares) 2017 Warrants (Unlisted) Warrants to purchase 66,667 common shares, with each fifteen (15) warrants entitling the holder thereof to purchase one (1) whole common share, at an exercise price of $281.25 per common share expiring October 30, 2017 2019 Warrants (TSX: GCM.WT.A) Warrants to purchase 280,795 common shares, with each fifteen (15) warrants entitling the holder thereof to purchase one (1) whole common share, at an exercise price of $48.75 per common share expiring March 18, 2019 2018 Debentures (TSX: GCM.DB.U) US$45,970,216 principal amount convertible at a conversion price of US$1.95 into approximately 23,574,470 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2018 Debentures 2020 Debentures (TSX: GCM.DB.V) US$100,710,085 principal amount convertible at a conversion price of US$1.95 into approximately 51,646,197 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2020 Debentures Stock Options 1,931,333 Stock Options at an exercise price of $2.55 per common share expiring in 2021 and 2022 47,000 Stock Options at an exercise price of $27.60 per common share expiring in 2019
Highlights of March 15, 2017 Mineral Resource Estimate
Total Measured & Indicated Resources increased to 2.9 million tonnes at a grade of 12.0 g/t totalling 1.1 million ounces of gold, up 174% compared to the Mineral Resource estimate as of December 31, 2016 (which reflected depletion of production for the period from September 2013, the date of the previous CIM Mineral Resource estimate, through the end of 2016). Infill drilling along with the ongoing validation work of the historical database and surveying of the underground mine workings have contributed to the increase in the Measured & Indicated categories of Segovia's Mineral Resource estimate. The updated Mineral Resource estimate reaffirms the high grade nature of the gold deposits at Segovia with the grade of the Measured & Indicated Mineral Resources averaging 12.0 g/t. By comparison, the head grade of the material mined at Segovia averaged 13.8 g/t during the year ended December 31, 2016 and 13.7 g/t during the first quarter ended March 31, 2017. The previous estimate reported all material at El Silencio as Inferred and the estimates were limited to Veta Manto material in lower areas of the mine, which were still flooded at that time. The upgrading of the El Silencio Mineral Resource below Mine Level 29 added 1.8 million tonnes at a grade of 11.4 g/t, representing 659,000 ounces of gold, from Inferred to the Indicated category in the updated Mineral Resource estimate. Mapping and surveying of historical workings together with ongoing validation work of the historical database by the Company's geology team has significantly increased the volume of material available for estimation in the upper levels of the mine, and within five additional known veins within the system. The updated Mineral Resource estimate also follows on the successful drilling campaign in 2016, as previously announced on March 13, 2017, focused on infill drilling to increase confidence levels of the Mineral Resources at the Providencia and Sandra K mines which resulted in increases in Measured & Indicated Mineral Resources at these mines by 14% and 4%, respectively, in contained gold. The revised databases for Providencia, Sandra K and El Silencio used in this updated Mineral Resource estimate incorporate the results from 90 additional diamond core drillholes completed by the Company from 2013 through early 2017, using both surface and underground drilling rigs. The Company added 398,000 ounces of gold to the Inferred category of the updated Mineral Resource estimate. After the upgrade of material to the Measured & Indicated categories as noted above, Inferred Mineral Resources reflect a total of 3.1 million tonnes at an average grade of 9.9 g/t representing 978,000 ounces of gold. The Mineral Resource estimates for Las Verticales and Carla have not been updated as no new information is currently available and the previous estimates for these projects remain valid.
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