TORONTO, ON--(Marketwired - May 31, 2017) - Gran Colombia Gold Corp. (GCM.TO) announced today that the previously disclosed extension of a portion of its 2020 Debentures to 2024 (the "2024 Debentures") through a consent solicitation process (the "Consent Solicitation") has been completed this morning.
The Company entered into a supplemental indenture with its trustee on May 12, 2017 to implement the amendments as described in the Consent Solicitation. The supplemental indenture was subsequently filed and is available on the Company's SEDAR profile and website. The 2024 Debentures will be issued to holders who elected to extend through the Consent Solicitation and the first monthly interest payment on the 2024 Debentures will be paid on June 30, 2017 based on an annual rate of 8%.
The Company has received listing approval from the Toronto Stock Exchange for the listing of 2024 Debentures and it is anticipated that the 2024 Debentures will also be posted today for trading under the symbol "GCM.DB.X".
The Company also announced today that it used funds available in the sinking fund for the 2020 Debentures (GCM-DBV.TO) to complete a block purchase earlier this month under its normal course issuer bid of US$1,036,000 aggregate principal amount of 2020 Debentures, which were subsequently cancelled. The table below summarizes the Company's capital structure following this cancellation and the issuance of the 2024 Debentures on May 31, 2017:
| Security | Issued and Outstanding as of May 31, 2017 | ||
| Common Shares | 20,450,365 | ||
| 2018 Debentures | 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 | US$52,471,786 principal amount convertible at a conversion price of US$1.95 into approximately 26,908,608 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2020 Debentures | ||
| 2024 Debentures | US$46,955,468 principal amount convertible at a conversion price of US$1.95 into approximately 24,079,727 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2024 Debentures | ||
| 2017 Warrants | 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 | 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 | ||
| 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 |
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is continuing its expansion and modernization activities at its high-grade Segovia Operations.