GCM Mining Announces Subscription to Aris Gold Convertible Debenture;
GCM Mining Announces Subscription to Aris Gold Convertible Debenture;
Next Monthly Dividend to be Paid on April 18, 2022
TORONTO, March 21, 2022 -- GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced
today that it has subscribed to a US$35 million convertible senior unsecured debenture (the “Debenture”) to be issued by a
wholly-owned subsidiary of Aris Gold Corporation (“Aris Gold”) (TSX: ARIS). The proceeds of the Debenture will be used to pay
a portion of the purchase price for the acquisition, through a joint venture company, of a 20% ownership interest (the
“Transaction”) in the Soto Norte gold project in Colombia, one of the world’s largest feasibility-stage gold projects with high-
grade mineral reserves, low capital intensity, low operating costs and district-scale potential. Aris Gold will become the
operator of the Soto Norte gold project and will have an option to increase its ownership to 50%. Aris Gold expects to close
the Transaction in April 2022.
The Debenture will be due, in cash, 18 months from closing of the Transaction. At any time after 12 months from closing of the
Transaction, the Debenture may be converted, in whole or in part, at GCM Mining’s sole discretion into common shares of Aris
Gold at a price to be determined in the context of the market and in accordance with the rules of the Toronto Stock Exchange
following the issuance of this news release. The Debenture will pay interest monthly with an annualized coupon of 7.5%. The
issuance of the Debenture is conditional upon closing of the Transaction by Aris Gold and is subject to the approval of the
Toronto Stock Exchange. The ability of GCM Mining to fully execute its conversion rights under the Debenture is subject to
disinterested Aris Gold shareholder approval at its next annual meeting of shareholders.
Update to Payment Date for Monthly Dividend Declared on March 15, 2022
GCM Mining also announced today that as a result of the Good Friday bank holiday, payment of the next monthly dividend of
CA$0.015 per common share will be made on Monday, April 18, 2022 to shareholders of record as of the close of business on
March 31, 2022.
About GCM Mining Corp.
GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In
Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at
Segovia Operations. Segovia produced 206,000 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded
Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence
production of more than 200,000 ounces of gold annually in 2024. GCM Mining pays a monthly dividend to its shareholders
and has equity interests in Aris Gold Corporation (44%; TSX: ARIS; Colombia – Marmato), Denarius Metals Corp. (27%; TSX-
V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (26%; TSX-V:
WA: Nunavut – Meadowbank).
Additional information on GCM Mining can be found on its website at www.gcm-mining.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
the timing and closing of the Aris Gold Convertible Debenture and other 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 GCM Mining 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 31, 2021 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
GCM Mining 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