Gran Colombia Gold Corp. (TSX: GCM) (OTCQX: TPRFF) announced that its equity position in Western Atlas Resources Inc. (TSX-V: WA) has increased to approximately 25.8% through a non-brokered private placement  completed on July 17, 2020 by Western Atlas. Western Atlas intends to use the proceeds of the Private Placement for exploration of its Meadowbank project in Nunavut, seeking restitution of the Increible Project, the potential addition to its exploration portfolio and for general administrative purposes.

The Private Placement comprised a total of 35,900,000 units at a price of CA$0.10 per Unit, for gross proceeds of approximately CA$3.59 million.  The Private Placement involved the sale of both flow-through units and non-flow-through units.  The Company purchased 14,000,000 NFT Units for an aggregate investment of CA$1.4 million.  Each NFT Unit issued in the Private Placement consists of one non-flow-through common share and one non-flow-through common share purchase warrant entitling the holder to purchase one additional share at CA$0.15 for a period of 24 months.

Through completion of the Private Placement, the Company has increased its holdings in Western Atlas to an aggregate of 29,910,588 common shares and 21,955,294 common share purchase warrants.  The common shares controlled by the Company represent approximately 25.8% of outstanding common shares of Western Atlas.  Assuming exercise of warrants, the Company, when combined with its existing ownership, would have control or direction over 51,865,882 common shares representing approximately 30.9% of the then outstanding common shares of Western Atlas on a partially-diluted basis.

The additional shares and warrants were acquired for investment purposes and the Company has no present intention to dispose of or acquire further securities of Western Atlas, although the Company may in the future acquire or dispose of securities of Western Atlas, through the market, privately or otherwise, as circumstances or market conditions warrant.

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 high-grade Segovia Operations. Gran Colombia owns approximately 58% of Caldas Gold Corp., a Canadian mining company currently advancing a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 20% equity interest in Gold X Mining Corp. (TSX-V: GLDX) (Guyana – Toroparu) and an approximately 26% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).