NYBob
5 years ago
Gran Colombia Gold Announces Agreement to Acquire US$5 Million of 10% Secured Convertible Debentures From Gold X Mining
T.GCM | 1 day ago
TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) --
Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has agreed to acquire US$5 million of 10% secured convertible debentures (the “Debentures”) in a non-brokered private placement offering (the “Offering”) of US$20 million principal amount of Debentures by Gold X Mining Corp. (TSXV: GLDX, formerly Sandspring Resources Ltd). The proceeds of the Offering will be used solely by Gold X Mining for exercising the option to purchase, through its wholly owned subsidiary, ETK, Inc. (“ETK”), 100% of the interest in the Toroparu Project in Guyana held by Mr. Alphonso pursuant to a joint venture agreement between Mr. Alphonso and ETK.
Commenting on the transaction, Lombardo Paredes, Chief Executive Officer of the Company, stated, “The exercise by Gold X Mining of its option to purchase 100% of the Toroparu gold deposit provides ownership certainty as they continue on the path to create value for their stakeholders, including Gran Colombia.”
Funding for the Offering comprises US$10 million from Wheaton Precious Metals and US$5 million from each of Gran Colombia and the Fiore Group. The Debentures will mature 36 months from the date of closing, which is expected to occur during the first two weeks of December 2019 and remains subject to approval by the TSX Venture Exchange.
The Debentures will be convertible, in whole or in part, at the option of holder into Gold X Mining common shares based on a conversion price of CA$3.20 per share and the closing Canadian dollar exchange rate as published by the Bank of Canada on the business day prior to conversion.
Interest on the Debentures will be compounded semi-annually and payable annually. Interest is payable in shares at the option of the holder. If the holder does not elect to receive shares, then Gold X Mining has the right to settle the interest payment in cash or defer payment, with interest, to maturity.
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 and, through a spin out transaction with Bluenose Gold Corp. announced on October 7, 2019, Gran Colombia is progressing toward a major expansion and modernization of its underground mining operations at the Marmato Project.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@grancolombiagold.com
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GlobeNewswire
December 4, 2019 - 5:23 AM PST
Tags:
GOLD INDUSTRIAL METALS & MINERALS
Read more at https://stockhouse.com/news/press-releases/2019/12/04/gran-colombia-gold-announces-agreement-to-acquire-us-5-million-of-10-secured#SkuzeKrriEMU9Zxb.99
NYBob
5 years ago
Sandspring Resources Announces Continuation to B.C., Name Change to Gold X Mining Corp. and 8:1 Consolidation -
Date : 11/28/2019 @ 5:00PM
Source : GlobeNewswire Inc.
Stock : Sandspring Resources Ltd (SSP)
Quote : 0.255 0.0 (0.00%) @ 7:00AM
Sandspring Resources Announces Continuation to B.C., Name Change to Gold X Mining Corp. and 8:1 Consolidation
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Gold X Mining Corp. (TSX-V: GLDX, OTCQX: SSPXF) (“Gold X” or the “Company”) announces that it has continued its jurisdiction of incorporation into British Columbia and that the Board of Directors of the Company has approved a name change to “Gold X Mining Corp.” and a consolidation of its issued and outstanding share capital on the basis of one new common share for every eight outstanding common shares.
As a result, the outstanding common shares of the Company will be reduced to approximately 35,149,209. The consolidation will also apply to common shares issuable upon the exercise of the Company’s outstanding stock options and warrants. Effective at the opening of markets on Monday, December 2, 2019, the post-consolidation common shares of the Company will commence trading on the TSX Venture Exchange under the new symbol “GLDX”. No fractional shares will be issued under the consolidation and any fraction will be rounded to the nearest whole number.
The Company also announces a reorganization of its Board of Directors with the resignations of Mr. David Constable and Mr. Harry Pokrandt. The Board of Directors recognizes their contributions to the Company and wishes each of the resigning board members continued success in the future. Following their departure, the Company’s Board of Directors is comprised of Richard Munson, Greg Barnes, Gordon Keep, Bassam Moubarak, Suresh Beharry, David Laing, Federico Restrepo-Solano and Lombardo Paredes-Arena.
On behalf of the Board of Directors of Gold X Mining Corp.
“Richard A. Munson”
Director and Chief Executive Officer
About Gold X Mining Corp. Ltd.
Gold X Mining Corp. is a Canadian junior mining company currently moving toward a feasibility study for the Toroparu Project in Guyana, South America with 7.4 million ounces of gold in the Measured and Indicated categories. A Preliminary Economic Assessment study (Preliminary Economic Assessment Report, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated July 18, 2019 completed by SRK Consulting (U.S.), Inc.,) (the “PEA”) available on SEDAR (www.sedar.com) and on the Company’s website (www.goldxmining.com). Gold X also holds a 100% interest in the Chicharrón Project located in the Segovia-Remedios mining district, Antioquia, Colombia. Additional information is available at www.goldxmining.com or by email at info@goldxmining.com.
Visit Gold X’s website at www.goldxmining.com.
Contact Gold X Mining Corp.
Richard A. Munson
Chief Executive Officer
Tel: +1 (303) 991-5683 or via email at info@goldxmining.com
NYBob
5 years ago
Sandspring morphs into Gold X -
Vancouver, Canada-based gold explorer Sandspring Resources has rebranded
itself as Gold X Mining.
https://www.mining-journal.com/w-images/e0f2d67d-d0e5-4565-9c5f-e77bd7ddc406/3/SandspringResourcesToroparuprojectGuyana-1024x475.jpg
Sandspring morphs into Gold X
Sandspring Resources has rebranded as Gold X Mining as it works to develop the Toroparu gold project in Guyana
https://www.mining-journal.com/feasibility/news/1376805/sandspring-morphs-into-gold-x
Exploration / Development > Feasibility29
November 2019 CommentsShare
Staff Reporter
The junior is focused on developing the 7.4 million ounce Toroparu project in Guyana, and also owns the earlier-stage Chicharron project in Colombia.
As well as the name change the company is undertaking a share consolidation, reducing its shares on issue on an 8:1 basis to about 35.2 million.
The consolidated shares are expected to start trading on the TSXV under the ticker ‘GLDX' on December 2.
The company also announced a reorganisation of its board following the resignations of David Constable and Harry Pokrandt. The board currently comprises Richard Munson, Greg Barnes, Gordon Keep, Bassam Moubarak, Suresh Beharry, David Laing, Federico Restrepo-Solano and Lombardo Paredes-Arena.
Sandspring in June published a rescoped preliminary economic assessment for Toroparu, which reduced the initial capex compared to its 2013 pre-feasibility study. The re-scope includes the Sona Hill satellite deposit which provides a simpler start-up as all gold for the initial 10 years of production will be produced as doré, with flotation processing to be added as part of a year-11 expansion.
Sandspring currently has about 279 million shares outstanding, trading at C25.5c. The company has a market capitalisation of $71 million.
http://crweworld.com/article/news-provided-by-globenewswire/1333768/gran-colombia-gold-files-national-instrument-43-101-technical-report-for-its-marmato-project
NYBob
5 years ago
Gran Colombia Gold Interest in Sandspring Resources Changes to Approximately 19.45%
T.GCM, V.SSP | 2 days ago
TORONTO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today that its equity position in
Sandspring Resources Ltd. (”Sandspring”) (TSX-V: SSP, OTCQX: SSPXF) has changed to 19.45% through a non-brokered private placement (the “Private Placement”) completed today by Sandspring. Sandspring intends to use the proceeds of the Private Placement to commence work on the feasibility study for its Toroparu Gold Project, for additional step out and exploration drilling at its Chicharron Project and for general working capital.
Sandspring’s Private Placement comprised a total of 37,500,000 units (each, a “Unit”) at a price C$0.20 per Unit, for gross proceeds of C$7.5 million. Each Unit issued in the Private Placement consists of one common share and one share purchase warrant entitling the holder to purchase one additional share at C$0.35 for a period of sixty (60) months. The placement was fully subscribed and included an investment from the Company in the amount of C$1.0 million.
Through completion of the Private Placement, the Company has increased its holdings in Sandspring to an aggregate of 53,300,000 common shares, 31,800,000 share purchase warrants and 5,200,000 subscription receipts. The common shares controlled by the Company represent approximately 19.45% of the outstanding common shares of Sandspring. Assuming conversion of the subscription receipts and exercise of warrants, the Company, when combined with its existing ownership, would have control and direction over 95,500,000 common shares representing approximately 30.20% of the then outstanding common shares of Sandspring on a partially diluted basis. The Company can potentially become a “control person” of Sandspring assuming conversion of its subscription receipts or the exercise of share purchase warrants and have undertaken not to exercise warrants if such conversion would result in them becoming a control person of Sandspring, unless and until shareholder approval (excluding the Company’s votes) has been received. Sandspring intends to seek shareholder approval for the creation of the Company as a “control person” at its annual general meeting to be held later in the year.
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 Sandspring, although the Company may in the future acquire or dispose of securities of Sandspring, through the market, privately or otherwise, as circumstances or market conditions warrant.
Copies of the early warning report filed by Gran Colombia will be available under Sandspring’s profile on SEDAR (www.sedar.com) or by contacting Gran Colombia directly at the address below.
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.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 27, 2019 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=30082127#iHRFkPvhxXYRktiF.99
NYBob
5 years ago
Sandspring Announces Filing of Preliminary Economic Assessment Report for Toroparu Project
V.SSP | 16 hours ago
DENVER and VANCOUVER, British Columbia, July 23, 2019 (GLOBE NEWSWIRE) --
Sandspring Resources Ltd. (TSX Venture: SSP, OTCQX: SSPXF) (“Sandspring”, or the “Company”) is pleased to announce its filing of the Preliminary Economic Assessment Report (the “PEA” or “PEA Report”) for its Toroparu Gold Project in the Mazaruni-Cuyuni District of Guyana (the "Toroparu Project" or “Project”). The PEA Report was prepared in accordance with National Instrument NI43-101 by SRK Consulting (US) Inc. ("SRK") and has been filed on SEDAR and the Company’s website.
The results of the PEA were announced by the Company in its press release (the “June 4 Press Release”) dated June 4, 20191. SRK concludes in the PEA Report that “Given the positive results of the PEA, SRK recommends that the Toroparu Project be advanced to a feasibility study. Given the previous studies already conducted on the Project this could be completed within a 6 to 9-month duration.”
The Toroparu Project has been re-scoped to include the Sona Hill satellite deposit, modification of the Project’s processing strategy to start with gold-only production from a Carbon-in-Leach circuit (“CIL”) for the initial ten years, followed by an expansion of the Project in year 11 to add flotation processing capacity and the streaming agreement with Wheaton Precious Metals International.2 The PEA Report summarizes the results of the re-scoping at base case metal prices of US3 $1,300 gold (Au), $16.00 silver (Ag), $3.00 copper (Cu).
The PEA documentation of mining production quantities supercedes and replaces the 2013 Prefeasibility Study (the “2013 PFS”) Statement of Mineral Reserves4.
The PEA is based on exploitation of measured, indicated and inferred mineral resources while the 2013 PFS is based on the exploitation of proven and probable mineral reserves.
Inferred resources from the Mineral Resource Estimate identified in the Company’s September 26, 2018 press release5 comprise 5% of the resources used in the production schedule reported in the PEA.
Rich Munson, CEO, stated, “As we noted in the June 4 Press Release, the re-scoping study supports the significant changes to the profile of the Toroparu Project that have occurred since the 2013 PFS was issued. As recommended by SRK, we are now working on final feasibility.”
About Sandspring
Sandspring Resources Ltd. is a Canadian junior mining company currently moving toward a feasibility study for the Toroparu Project in Guyana, South America. Sandspring and Wheaton Precious Metals (formerly known as Silver Wheaton) entered into a precious metals purchase agreement for the Toroparu Project in November of 2013. Sandspring also holds a 100% interest in the Chicharrón Gold Project located in the Segovia-Remedios mining district, Antioquia, Colombia. Additional information is available at
www.sandspringresources.com or by email at sandspringinfo@sandspringresources.com.
Visit Sandspring’s website at
http://www.sandspringresources.com
FOR FURTHER INFORMATION, PLEASE CONTACT:
Richard A. Munson
Sandspring Resources Ltd.
(303) 991-5683
sandspringinfo@sandspringresources.com
Additional information on Sandspring can be viewed on SEDAR under the Company's profile at www.sedar.com or on Sandspring's website at http://www.sandspringresources.com
This press release includes certain forward-looking statements concerning future performance and operations of the Company, including the expected positive results from the Toroparu Project based on the estimates and findings contained in the PEA, as summarized herein, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management at the time such statements are made. All forward-looking statements and information are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, changes in project parameters as plans continue to be refined, uncertainties of project cost overruns or unanticipated costs and expenses, uncertainties inherent in conducting operations in a foreign country, uncertainties related to the availability and costs of financing needed in the future, the risk that the conclusion of pre-production studies may not be accurate, the Company's successful advancement of the Toroparu Project toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks as described in our public filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
__________________________
1 The Company issued a press release on June 4, 2019, which can be found at
www.sandspringresources.com and www.sedar.com.
2 The Company and Wheaton Precious Metals International Ltd. (“Wheaton”) entered into an Agreement (the (“Wheaton PMPA”) in 2013 which was amended in 2015. The Wheaton PMPA is available on http://www.sedar.com and
http://www.sandspringresources.com
3 All references to $ or dollars means United States Dollars.
4 A prefeasibility study was completed in May 2013 (NI 43-101 Technical Report, Prefeasibility Study, Toroparu Gold Project, Upper Puruni River Area, Guyana, dated May 24, 2013 by SRK Consulting (U.S.), Inc., and is available on SEDAR (www.sedar.com)).
5 The Company press released an updated Mineral Resource Estimate on September 26, 2018. The press release can be found at http://www.sandspringresources.com and www.sedar.com.
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GlobeNewswire
July 23, 2019 - 6:00 AM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at https://stockhouse.com/news/press-releases/2019/07/23/sandspring-announces-filing-of-preliminary-economic-assessment-report-for#Jv1dmb0Zw9yPvfoD.99
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