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Caldas Gold Completes Exercise of Special Warrants; Announces Listing of New Warrants; Jeffrey Couch Appointed as Director
Further to its news release dated September 21, 2020, Caldas Gold Corp. (TSX-V: CGC) (OTCQX: ALLXF) is pleased to announce that, in connection with its previously completed bought deal private placement offering of special warrants, an aggregate of 22,222,222 Special Warrants were automatically exercised as of 5:00 p.m. (EST) on September 28, 2020 resulting in the issuance of 22,222,222 common shares and 22,222,222 common share purchase warrants to holders of the Special Warrants.
The Warrants will begin trading on the TSX Venture Exchange as of market open on Wednesday, September 30, 2020 under the symbol “CGC.WT”. For further details regarding the Warrants, please see the news release of the Company dated July 29, 2020 available on the Company’s website at www.caldasgold.ca or under the Company’s SEDAR profile at www.sedar.com.
Updated Capitalization of the Company
As of September 28, 2020, the Company now has the following securities issued and outstanding:
| Securities | TSX-V Symbol |
Number | Common Shares Issuable |
Exercise price per Common Share |
Expiry or Maturity Date |
| Common Shares | CGC | 99,767,662 | |||
| Stock options | 255,000 | 255,000 | CA$2.10 | February 25, 2021 | |
| 4,550,000 | 4,550,000 | CA$2.00 | March 1, 2025 | ||
| 160,000 | 160,000 | CA$2.50 | June 26, 2025 | ||
| 200,000 | 200,000 | CA$2.73 | September 17, 2022 | ||
| 5,165,000 | 5,165,000 | ||||
| Warrants | Unlisted | 10,792,500 | 10,792,500 | CA$3.00 | December 19, 2024 |
| Warrants | Unlisted (1) | 22,222,222 | 22,222,222 | CA$2.75 | July 29, 2025 (2) |
| Broker Warrants | Unlisted | 125,550 | 125,550 | CA$2.00 | December 19, 2022 |
| 125,550 | CA$3.00 | December 19, 2024 | |||
| Subscription Receipts (3) | Unlisted | 83,066 |
Notes:
| (1) | The Warrants will begin trading on the TSX-V on September 30, 2020 under the symbol “CGC.WT”. | |
| (2) | The Company may accelerate the expiry date of the Warrants after July 29, 2023 in the event that the closing price of the common shares on the TSX-V (or such other exchange on which the common shares may principally trade at such time) is greater than CA$2.75 per share for a period of 20 consecutive trading days, by giving notice to the holders of Warrants of the acceleration of the expiry date and issuing a concurrent press release announcing same and, in such case, the Warrants will expire on the 30th day following the date on which such notice is given and press release issued. | |
| (3) | The subscription receipts of the Company (“Subscription Receipts”) were issued on August 26, 2020 pursuant to a fully marketed private placement offering at a price of US$1,000 per Subscription Receipt. Upon the satisfaction of certain escrow release conditions contained in the subscription receipt agreement entered into by the Company, each Subscription Receipt shall convert and entitle the holder thereof to receive one unit of the Company (a “Unit”), with each Unit comprising one senior secured gold-linked note in a principal amount of US$1,000 (US$83,066,000 aggregate principal amount) and 200 Warrants (16,613,200 Warrants in the aggregate). Each Warrant will entitle the holder thereof to acquire one common share at a price of CA$2.75 per share until July 29, 2025. The Company has received conditional approval from the TSX-V to list such additional Warrants when issued upon conversion of the Subscription Receipts, which will be listed on the TSX-V under the symbol “CGC.WT” and will be subject to the same accelerated expiry provision as described in note (2) above. |
Appointment of New Director
The Company is also pleased to announce the appointment of Jeffrey Couch to the board of directors of the Company. Jeffrey is a financial services executive with extensive experience in the natural resources sector, having advised and raised capital for clients globally, with a particular focus on emerging markets. Currently Jeffrey is working with Orion Resource Partners, a mining-focused private equity firm with over US$6 billion under management. Jeffrey has worked with several financial services firms in Europe, including being Head of Investment Banking Europe for BMO Capital Markets (Bank of Montreal), and has also had senior investment banking roles with Credit Suisse Europe and Citigroup (Solomon Brothers). Jeffrey also has public board experience on both the Toronto Stock Exchange and the London Stock Exchange. He holds both an undergraduate business degree and a law degree.
About Caldas Gold
Caldas Gold is a Canadian junior mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in the Department of Caldas, Colombia. Caldas Gold also owns 100% of the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
Posted September 30, 2020
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