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Gran Colombia Gold Announces Details for the Forthcoming Quarterly Repayment of its Gold Notes on October 31, 2018
Gran Colombia Gold Corp. (TSX: GCM) (OTCQX: TPRFF) announced today the details for the forthcoming quarterly repayment of its 8.25% Senior Secured Gold-Linked Notes due 2024 (TSX: GCM.NT.U) as follows:
| Payment date: | October 31, 2018 | |
| Record date: | October 24, 2018 | |
| Cash payment amount: | Approximately US$0.052349 per US$1.00 principal amount of Gold Notes representing only an amortization payment of the principal amount issued and outstanding. No gold premium is applicable for this quarterly payment as the London P.M. Fix on October 15, 2018 was below US$1,250 per ounce, the floor price applicable to the quarterly repayments. The aggregate principal amount of the cash payments on the Payment Date will be US$4,875,000. The Company sold the 3,900 ounces accumulated in the gold trust account during the past quarter against a put option contract at US$1,250 per ounce to realize the proceeds required for this cash payment. | |
| Principal amount issued and outstanding: |
As of today’s date, there is a total of US$93,125,000 principal amount of Gold Notes issued and outstanding. After this quarterly repayment, the aggregate principal amount of the Gold Notes will be reduced to US$88,250,000. | |
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 Segovia and Marmato Operations. Gran Colombia is continuing to focus on exploration, expansion and modernization activities at its high-grade Segovia Operations.
Posted October 18, 2018
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