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Gran Colombia Gold Corp. (GCM.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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6.36+0.08 (+1.27%)
As of 12:50PM EDT. Market open.
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Previous Close6.28
Open6.38
Bid6.36 x 0
Ask6.37 x 0
Day's Range6.22 - 6.42
52 Week Range2.88 - 8.10
Volume100,370
Avg. Volume549,582
Market Cap393.946M
Beta (5Y Monthly)1.72
PE Ratio (TTM)N/A
EPS (TTM)-2.40
Earnings DateAug. 14, 2020
Forward Dividend & Yield0.06 (0.96%)
Ex-Dividend DateSep. 29, 2020
1y Target Est8.26
  • GlobeNewswire

    Gran Colombia Announces Letter of Intent to Spin Out Its Zancudo Project

    TORONTO, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has entered into a letter of intent (the “LOI”) dated effective September 23, 2020 with ESV Resources Ltd. (“ESV”) (TSXV: ESV.H) to spin out its interest in the Zancudo Project to ESV. Gran Colombia will also subscribe for CA$3,000,000 of subscription receipts in a non-brokered private placement being completed concurrently by ESV as described further below. Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the news stated, “In light of the bullish outlook for silver, we see the acquisition of an investment in ESV as a tremendous opportunity to participate in a new vehicle that is turning its attention to becoming a silver focused company looking to offer its shareholders exposure and leverage to the precious metal. We also see the spin out of our interest in the Zancudo Project as an opportunity to create value for our shareholders in this undervalued silver-gold asset. We will be providing in-country operational expertise to ESV to advance their projects in Colombia, including an exploration program planned for the Guia Antigua Project following completion of the transactions and financing by ESV.”Zancudo Project Spin OutThe Zancudo Project consists of a 1,052-hectare mining concession area located in the Titiribi mining district in Antioquia, Colombia, about 27 kilometers southwest of Medellin. Zancudo comprises a historical silver-gold mine (the Independencia Mine) located in the Middle Cauca Gold Belt. Gran Colombia acquired Zancudo in 2010 and completed a 14,000 meter drilling program carried out in 2011 and 2012.In March 2017, Gran Colombia signed an option agreement with IAMGOLD Corp. (“IAMGOLD”) for the exploration and potential purchase of an interest by IAMGOLD in Zancudo. Under the agreement, IAMGOLD was granted an option to acquire an initial undivided 65% interest (the “First Option”) in Zancudo by incurring an aggregate of US$10 million of mineral exploration expenditures over a six-year period, subject to meeting specified annual work commitments during this period. From 2017 through 2019, IAMGOLD has completed a total of approximately 16,224 meters of drilling at Zancudo and has incurred over US$4 million of its exploration commitment. However, due to COVID-19, IAMGOLD has suspended its drilling program thus far in 2020. IAMGOLD was also granted an additional option (the “Second Option”) to acquire a further 5% undivided interest, for an aggregate 70% undivided interest in Zancudo, by completing a feasibility study within three years after exercising the First Option. Upon exercise of the First Option or the Second Option, as the case may be, the parties will form a joint venture to hold Zancudo, to advance the exploration and, if feasible, to advance the development and mining of any commercially exploitable ore body.Under the terms of the spin out transaction, ESV will issue 27,000,000 common shares to Gran Colombia in exchange for its interest in the Zancudo Project. In addition to any escrow restrictions imposed by the policies of the TSX Venture Exchange (“TSXV”), all common shares issued to Gran Colombia will be subject to a voluntary pooling arrangement from which one-quarter of the shares will be released on each of December 28, 2020, March 27, 2021, June 27, 2021 and September 27, 2021. ESV has also agreed to be bound by the terms of the option agreement with IAMGOLD.ESV Private PlacementESV has announced that it has also signed a letter of intent with 1255269 B.C. Ltd. (the “Guia Antigua Vendor”), a company not related to Gran Colombia or any insiders of Gran Colombia, to concurrently acquire all of the outstanding share capital of the Guia Antigua Vendor. The Guia Antigua Vendor owns the Guia Antigua Project (the “Guia Antigua Transaction”) which encompasses the exploration, development and mining rights to a 386-hectare area located in the eastern part of Gran Colombia’s Segovia mining title focused on the high-grade silver-gold Guía Antigua vein which falls outside the areas associated with Gran Colombia’s mining operations and exploration activities.  As a condition to completing the acquisitions of both the Zancudo and Guia Antigua Projects, ESV has announced that it intends to complete a non-brokered private placement financing (the “Concurrent Financing”) to raise up to $7,000,000 through the issuance of up to 15,555,000 subscription receipts of the Guia Antigua Vendor at a price of CA$0.45 per subscription receipt. Gran Colombia intends to subscribe for CA$3,000,000 of the Concurrent Financing.The proceeds of the Concurrent Financing will be held in escrow, pending ESV receiving all applicable regulatory approvals and completing the Guia Antigua Transaction. Upon satisfaction of the escrow conditions, immediately prior to completion of the Guia Antigua Transaction, each subscription receipt will automatically convert into one common share of the Guia Antigua Vendor for no additional consideration and will be exchanged for common shares of ESV on a one-for-one basis. If the Guia Antigua Transaction is not completed on or before December 31, 2020, the proceeds of the Concurrent Financing will be returned to the subscribers.It is anticipated that ESV will change its name to “Denarius Silver Corp.” in connection with the completion of the aforementioned acquisitions and Concurrent Financing. In addition, Gran Colombia will become a new “control person” of ESV and have two nominees on the reconstituted board of directors of ESV following the transactions. If required by the policies of the TSXV, ESV will obtain shareholder approval for the creation of a new control person by way of written consent of the majority of the outstanding common shares of ESV prior to completion of the acquisition transactions.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 high-grade Segovia Operations. Gran Colombia owns approximately 57.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).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 30, 2020 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

  • How Is Gran Colombia Gold's (TSE:GCM) CEO Compensated?
    Simply Wall St.

    How Is Gran Colombia Gold's (TSE:GCM) CEO Compensated?

    This article will reflect on the compensation paid to Lombardo Arenas who has served as CEO of Gran Colombia Gold...

  • GlobeNewswire

    Gran Colombia Reports August 2020 Gold Production of 20,644 Ounces, Up 14% Over Last Month

    TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it produced a total of 20,644 ounces of gold in August 2020, up 14% over last month’s production. This brings the total for the first two months of the third quarter of 2020 to 38,755 ounces, up 5% over the same two-month period last year. Gran Colombia’s total gold production for the first eight months of 2020 of 143,230 ounces, compared with a total of 155,359 ounces in the first eight months of 2019, reflects the impact of COVID-19 on its mining operations predominantly in the second quarter of this year. The Company continues to expect its 2020 annual production will range between 218,000 and 226,000 ounces of gold. Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the Company’s latest production results, said, “We are pleased with the improvement in our operating results in August. Segovia continues to run steadily and at Marmato, we are beginning to see the benefit of our mine optimization work in the Upper Zone mine on our production results in August now that we have a full complement of workers available to us. We remain vigilant in our COVID-19 protocols to protect the safety of our workers and we are confident that we will meet our production guidance for the year.”Gran Colombia processed an average of 1,293 tonnes per day (“tpd”) in August 2020 at its Segovia Operations, up from 1,155 tpd last month, with an average head grade of 15.4 g/t. This resulted in 17,901 ounces of gold production in August bringing the total for the first two months of the third quarter of 2020 to 34,359 ounces, up 5% over the same two-month period last year primarily attributable to 7% higher head grades. For the first eight months of 2020, the Segovia Operations have processed an average of 1,242 tpd at an average head grade of 14.7 g/t compared with an average of 1,173 tpd processed during the first eight months last year at an average head grade of 16.9 g/t. Segovia’s total gold production for the first eight months of 2020 amounted to 129,082 ounces compared with 138,850 ounces in the first eight months last year and reflects the impact of COVID-19 on its operations from late March through mid-April.At Caldas Gold Corp.’s Marmato mine, operations benefitted in August 2020 from an increased availability of workers and the implementation of action plans to begin to improve mining practices to reduce dilution as outlined in Caldas Gold’s recent pre-feasibility technical report for the mine expansion at its Marmato Project. As such, Caldas Gold saw an increase in its daily processing rate to an average of 1,034 tpd in August, up about 23% from last month, with an average head grade of 3.0 g/t, up from 2.2 g/t last month. For the first two months of the third quarter of 2020, Caldas Gold has processed an average of 939 tpd with an average head grade of 2.6 g/t compared with an average of 1,024 tpd processed with an average head grade of 2.3 g/t in the same two-month period last year. This brings total gold production for the first two months of the third quarter of 2020 to 4,396 ounces, up 9% over the same two-month period last year. For the first eight months of 2020, Caldas Gold has processed an average of 805 tpd with an average head grade of 2.5 g/t compared with an average of 1,009 tpd processed in the first eight months of 2019 with an average head grade of 2.4 g/t. Caldas Gold’s mill recovery rate has also improved to an average of 89% in the first eight months of 2020 compared with 87% in the same period last year. Caldas Gold’s total gold production for the first eight months of 2020 of 14,148 ounces, compared with a total of 16,509 ounces in the first eight months of 2019, reflects the impact of COVID-19 on its mining operations from late March through July of this year.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 high-grade Segovia Operations. Gran Colombia owns approximately 57.5% of Caldas Gold Corp. (TSX-V: CGC; OTCQX: ALLXF), a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).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 production guidance and 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 30, 2020 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