Gran Colombia GOLD Completes Extension of Maturity of US$47 Million of Senior Secured Convertible Debentures to 2024
GRAN COLOMBIA GOLD CORP.
333 BAY STREET, SUITE 1100, TORONTO, ONTARIO M5H 2R2, CANADA
TEL: (416) 360-4653 FAX: (416) 360-7735
NEWS RELEASE
GRAN COLOMBIA GOLD COMPLETES EXTENSION OF MATURITY OF US$47 MILLION OF SENIOR
SECURED CONVERTIBLE DEBENTURES TO 2024
TORONTO, CANADA, Wednesday, May 31, 2017 – Gran Colombia Gold Corp. (TSX: GCM) 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 toda y that it used funds available in the sinking fund for the 2020
Debentures (TSX: GCM.DB.V) 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 subseque ntly
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
(TSX: GCM) 20,450,365
2018 Debentures
(TSX: GCM.DB.U)
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 201 8
Debentures
2020 Debentures
(TSX: GCM.DB.V)
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
(TSX: GCM.DB.X)
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
(Unlisted)
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
(TSX: GCM.WT.A)
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
GRAN COLOMBIA GOLD CORP.
333 BAY STREET, SUITE 1100, TORONTO, ONTARIO M5H 2R2, CANADA
TEL: (416) 360-4653 FAX: (416) 360-7735
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.
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 the anticipated timing in respect of listing of the 2024 Debentures. 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 suc h 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 material ly 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, 2017, which is available for view on SEDAR at www.sedar.com. Forward -looking stateme nts
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, circumsta nces, 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, Please Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653