Gran Colombia Gold Launches Normal Course Issuer Bids for Its Common Shares and Warrants
10 Juni 2019 - 1:00PM
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today
that it has received approval from the Toronto Stock Exchange (the
“TSX”) to commence normal course issuer bids (“NCIBs”) for its
common shares and its share purchase warrants expiring April 30,
2024 (“Warrants”) trading under the symbol GCM.WT.B. The NCIBs
allow the Company to purchase up to 4,589,129 common shares and up
to 1,109,628 Warrants of the Company, representing 10% of the
current issued and outstanding common shares and Warrants in the
public float for each security as of June 4, 2019. As at June 4,
2019, the Company had 48,300,405 common shares and 12,150,908
Warrants issued and outstanding.
Serafino Iacono, Executive Chairman of Gran
Colombia, commented: “Our Company has really turned things around
over the last three years with tremendous improvements in our
operating and financial results, strengthening of our balance sheet
and simplifying our capital structure. As a result of these
accomplishments, we see significant potential upside in our current
share price. Our free cash flow has reached a level that will not
only service our current debt obligations but will afford us an
opportunity to use our financial resources to enhance shareholder
value on a per share basis by reducing our fully diluted number of
shares issued and outstanding.”
The Board of Directors of Gran Colombia has
determined that the repurchase of common shares and Warrants
pursuant to the NCIBs presently constitutes an appropriate use of
financial resources and would be in the best interest of the
Company’s shareholders.
Management of the Company will determine the
actual number of common shares and Warrants that may be purchased
and the timing of any such purchases, subject to compliance with
applicable TSX rules. Daily purchases will be limited to 33,055
common shares and 6,328 Warrants, other than block purchase
exceptions. Purchases made pursuant to the bids will be made on the
open market through the facilities of the TSX and/or alternative
Canadian trading systems, and the price that the Company will pay
for any such common shares or Warrants will be the market price at
the time of the acquisition.
The NCIBs will commence on June 12, 2019, and
will remain open until the earlier of June 11, 2020 or the date on
which the Company has purchased the maximum number of common shares
and Warrants permitted under each bid. The Company has not
purchased any common shares or Warrants during the previous 12
months.
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 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 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 to anticipated business plans or strategies. 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 DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
GCM Mining (TSX:GCM)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
GCM Mining (TSX:GCM)
Historical Stock Chart
Von Apr 2023 bis Apr 2024