Toronto Stock Exchange Introduces the TSX30 Canada NewsWire
TORONTO, Sept. 26, 2019
Canada's premier equities marketplace launches new program to showcase top performing companies, TSX to host market open ceremony September 27 TORONTO, Sept. 26, 2019 /CNW/ -
Toronto Stock Exchange (TSX) today announced the inaugural TSX30, a flagship program recognizing the 30 top-performing TSX stocks over a three-year period based on dividend-adjusted share price appreciation.
The list of 2019 winners features both newer and established listed companies across a wide range of sectors and serves to highlight the power and diversity of investment opportunities in Canada's world class marketplace.
Representatives from the winning companies will join TMX executives to open the market on Friday, September 27, 2019 at 9:30 a.m. ET to celebrate this milestone.
"We are extremely proud to present the TSX30, a new recognition program featuring some of the most compelling success stories among our listed issuers, including companies operating in traditional areas of strength like natural resources and also in newly defined sectors like clean tech and cannabis," said Loui Anastasopoulos, President, Capital Formation, TMX Group. "TSX listed companies play a vital role in Canada's capital markets and as we continue to evolve into a global leader, TSX remains committed to our work in support of this crucial ecosystem. Today, we congratulate the companies included in the inaugural TSX30 for all of their achievements and look forward to continuing to serve them along each stage of their growth path into the future."
Denver Gold Forum presented by The Denver Gold Group, Inc. on behalf the world's precious metal producers.
Mike Davies CFO Mr. Davies has been with Gran Colombia Gold since its inception in 2010 . Mr. Davies is a Chartered Professional Accountant (Ontario) with over 20 years of extensive international and public company experience in resource and other sectors, including prior management positions with PetroMagdalena Energy Corp., Coalcorp Mining Inc., Medoro Resources Inc., LAC Minerals Ltd., Pamour/Giant Yellowknife Mines, IMAX Corporation and Clorox Canada. Mr. Davies also holds a Bachelor of Commerce degree from the University of Toronto.
Gran Colombia to spin off Marmato gold project - Cecilia Jamasmie | September 16, 2019 | 8:30 am Exploration Intelligence Latin America Gold
The Marmato project is located in the heart of the Middle Cauca gold district. (Image courtesy of Gran Colombia Gold)
Canada’s Gran Colombia Gold (TSX:GCM) has decided to spin off its Marmato project, in the country’s department of Caldas, into a separate listed company to generate the funding required for ongoing exploration, development of an underground mine and the expansion of operations.
The Toronto-based miner, which will retain a major stake in the new company, said expected work at the asset included the construction of a new processing plant and additional tailings storage facilities to support an increased level of production.
THE CANADIAN MINER WILL RETAIN A MAJOR STAKE IN THE NEW COMPANY WHILE LEVERAGING THE CAPITAL MARKETS TO PROVIDE FURTHER FUNDING.
Gran Colombia is nearing completion of an underground mine expansion study at Marmato, first announced in 2017 and expects to file a preliminary economic assessment before the end of the year.
“Immediately thereafter, we will proceed with the prefeasibility study,” executive chairman Serafino Iacono said in the statement. “We are excited to be in a position to see a path forward to develop this world class deposit and to begin to get a return on investment for our shareholders.”
As part of the proposed mine plan, the company will look to optimize mining activities in the upper existing mine, which produces 24,000-to-26,000 ounces a year of gold. It will also aim at increasing production and reducing cash costs.
Gran Colombia plans to concurrently begin development of the Deeps mineralization underneath the current mine for a modern, mechanized mining operation.
The company acquired Marmato, in the heart of the Middle Cauca gold district, in 2011, through a merger with Medoro Resources.
The underground gold mine is expected to have a minimum 12-year productive life, generating over 1.5 million ounces of the precious metal during that time.
Rocky road In the last decade, the project has been plagued by controversy. Residents of the 500 year-old Marmato town, mostly opposed the miner’s intention of flattening a mountain to create an open pit. That is no longer an issue, as Gran Colombia has opted for underground mining at Marmato.
The property has also been unlawfully occupied. The first group of illegal miners took over the area in 2016, blocking roads and costing Gran Colombia $2 million in daily losses.
In 2017, the miner filed a $700 million lawsuit against Colombia, under the Colombian-Canadian free trade agreement, after the government ordered the company to cease operations at the El Burro site in Marmato, requesting further consultation with locals.
The asset is located in a region that has been exploited since pre- Colonial times by the Quimbaya people. The Spanish colonists assumed control of the zone’s mines in 1527 and the area has been in almost continuous production ever since.
Marmato’s known riches were key to support the cause of Simon Bolivar, a revolutionary leader who liberated much of South America from Spanish rule. According to historians, Bolivar used the mines as collateral with British banks to secure funding for a war of independence against Spain.
Gran Colombia Announces Details for the Forthcoming Quarterly Repayment of Its Gold Notes on October 31, 2019 and the Third Quarter 2019 Results Webcast TORONTO, Oct. 16, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the details for the forthcoming quarterly repayment of its 8.25% Senior Secured Gold-Linked Notes due 2024 (the “Gold Notes”) (TSX: GCM.NT.U) as follows:
Payment date: October 31, 2019 Record date: October 24, 2019 Cash payment amount:
Approximately US$0.0788104 per US$1.00 principal amount of Gold Notes representing an amortization payment of the principal amount issued and outstanding of approximately US$0.0662139 per US$1.00 principal amount of Gold Notes and a gold premium of approximately US$0.0125965 per US$1.00 principal amount of Gold Notes. Based on the London P.M. Fix on October 15, 2019 of US$1,487.80 per ounce, the aggregate amount of the cash payments on the Payment Date will be US$5,802,420, of which US$4,875,000 will be applied to reduce the aggregate principal amount of the Gold Notes issued and outstanding and the balance represents the Gold Premium.
Principal amount issued and outstanding: As of today’s date, there is a total of US$73,625,000 principal amount of Gold Notes issued and outstanding. After this quarterly repayment, the aggregate principal amount of the Gold Notes will be reduced to US$68,750,000.
Third Quarter 2019 Results Webcast
Gran Colombia also announced today that it will release its financial results for the third quarter of 2019 after market close on Thursday, November 14, 2019 and will host a conference call and webcast on Friday, November 15, 2019 at 9:30 a.m. Eastern Time to discuss the results.
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 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 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", which may include, but is not limited to, statements with respect repayment of the Gold Notes. 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, 2019 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 Davies Chief Financial Officer (416) 360-4653 investorrelations@grancolombiagold.com
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