Gran Columbia Gold - Executive Chairman, Serafino Iacono
Executive Chairman, Serafino Iacono
Source: CRUX Investor
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  • Gran Colombia Gold (GCM) has acquired all issued and outstanding common shares of Gold X Mining Corp
  • Gold X is now a wholly-owned subsidiary of Gran Colombia
  • Each Gold X shareholder is entitled to receive 0.6948 of a share of Gran Colombia
  • Gran Colombia intends to de-list the Gold X Shares from the TSX Venture Exchange
  • Gran Colombia Gold Corp is a Canadian-based gold and silver exploration company
  • Gran Colombia Gold Corp. (GCM) opened trading at C$5.14 per share

Gran Colombia Gold (GCM) has completed its acquisition of all issued and outstanding common shares of Gold X Mining Corp.

Gold X is now a wholly-owned subsidiary of Gran Colombia. 

Serafino Iacono, Executive Chairman of Gran Colombia, commented,

“With the closing of the Gold X acquisition today, we have created a new mid-tier Latin-American gold producer with a complementary asset portfolio including the world-class, free cash flow generating Segovia Operations located in Colombia and the large, high-growth and substantially de-risked Toroparu Gold Project in Guyana.

On a combined basis for Segovia and Toroparu, our measured and indicated gold resources now total 8,778,000 ounces (256.5 Mt grading 1.06 g/t Au) and we have another 4,359,000 ounces of gold in the inferred category (132.6 Mt grading 1.02 g/t Au).

Over the next couple of months, we will be refining our development options at Toroparu, including an update of the mineral resource estimate for the Toroparu Project. With approximately US$6 million of cash in Gold X, this next stage of fully-funded project evaluation will lead to an updated preliminary economic assessment for Toroparu. We are very excited to begin this next chapter, creating value for our shareholders through our diversified growth platform centred on these two cornerstone assets and our equity positions in Aris Gold and Denarius.”

Each Gold X shareholder is entitled to receive 0.6948 of a share of Gran Colombia.

Gran Columbia currently has 98,287,088 common shares issued and outstanding and a total of approximately 132.1 million common shares on a fully diluted basis.

With Gold X now a wholly-owned subsidiary of Gran Colombia, Gran Colombia intends to de-list the Gold X Shares from the TSX Venture Exchange. Gran Colombia also intends to submit an application to the applicable securities regulators to have Gold X cease to be a reporting issuer and terminate its public reporting obligations.

Prior to the acquisition, Gran Colombia controlled approximately 15% of the issued and outstanding Gold X Shares.

Registered Gold X shareholders must complete, sign, date and return the letter of transmittal that was mailed to each Gold X shareholder.

All stock options of Gold X were accelerated and exercised, or, if not exercised, were terminated without payment of any consideration to the holders of such terminated Gold X Options. All outstanding share purchase warrants of Gold X  remain outstanding and each Gold X warrant shall entitle the holder to receive Gran Colombia shares in accordance with the Exchange Ratio, on and subject to the terms and conditions of such securities.

Gran Colombia Gold Corp is a Canadian-based gold and silver exploration, development and production company. 

Gran Colombia Gold Corp. (GCM) opened trading at C$5.14 per share.

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