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Gran Colombia Gold Announces Upgrade From Fitch Ratings to ‘B’; Outlook Stable

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Gran Colombia Gold Announces Upgrade From Fitch Ratings to ‘B’; Outlook Stable

 

 

 

 

 

Gran Colombia Gold Corp. (TSX: GCM) (OTCQX: TPRFF) announced today that Fitch Ratings has upgraded it to ‘B’ from ‘B-‘ with a Stable Outlook. In its commentary regarding the rating action, Fitch Ratings stated that the upgrade reflects Gran Colombia’s successful refinancing of its 2020 and 2024 Debentures through its US$98 million senior secured gold-linked notes due 2024, the settlement of its 2018 Debentures with shares, and the enhanced mine plan at its Segovia Operations focused on cost reductions and high grade ore bodies which are driving cash flow generation. The removal of the sinking funds which captured essentially 100% of Gran Colombia’s excess cash flow under its previous Senior Debentures has allowed Gran Colombia to improve its liquidity position, which has enabled the Company to invest in its business and conduct drilling programs in its Segovia operations in order to optimize its mining plan. Additional information with respect to this rating may be found at www.fitchratings.com.

 

 

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 29, 2018

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