Midtier miner Gran Colombia has bought an additional 2.5-million shares in TSX-V-listed gold junior Sandspring Resources for a total cash consideration of $528 000.
The shares were bought at a price of C$0.28 a share and were acquired for investment purposes, Grand Colombia said on Monday.
Assuming that Gran Colombia, but no other warrant holder exercises and holds its share purchase warrants, when combined with its existing ownership, the company would have control and direction over 53.5-million common shares, representing about 23.71% of the then outstanding common shares of Sandspring.
Sandspring is advancing the Toroparu gold project, in Guyana, which, according to a 2013 prefeasibiity study, could produce 228 000 oz/y over a 16-year mine life.
Gran Colombia, for its part, is the largest underground gold and silver producer in Colombia, with several mines in operation at its Segovia and Marmato Operations.