Gran Colombia announces C$40m private placement
Canadian midtier gold miner Gran Colombia Gold on Monday announced a nonbrokered private placement of up to 7 142 858 units of the company at C$5.60 each, for total proceeds of up to C$40-million.
The five-day volume-weighted average price of Gran Colombia’s shares on the TSX for the period ended January 24, 2020 was C$5.607.
The net proceeds of the placement would be used for general working capital and corporate purposes, including repurchases of the company’s listed warrants under its normal course issuer bid.
“We see the increased interest from strategic and institutional investors in Gran Colombia as a continuing endorsement of our successful turnaround of the company and the potential for further appreciation in our share price, which doubled in 2019 and is up by almost 300% over the past three years, as we execute our strategy to unlock value in our portfolio of quality assets. We have ramped up our near-mine and regional exploration programmes at our high-grade Segovia Operations for the coming year and we are unlocking value in our Marmato project through the spin out to Caldas Gold, which we anticipate will be completed within the next couple of weeks,” commented executive chairperson Serafino Iacono.
Gran Colombia is the largest underground gold and silver producer in Colombia with several mines in operation at its Segovia and Marmato Operations.
The company traded at C$5.74 a share on Monday.
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