Gran Colombia Gold Increases Interest in Sandspring Resources to Approximately 18%
February 11 2019 - 7:30AM
Gran Colombia Gold Corp. (TSX: GCM, OTCQX: TPRFF) announced today
that has completed the purchase of an additional 2,500,000 common
shares in Sandspring Resources Ltd. (”Sandspring”) (TSX-V: SSP,
OTCQX: SSPXF) at a price of CA$0.28 per share in a private
transaction (the “Transaction”) for total cash consideration of
approximately US$528,000. The additional shares were acquired for
investment purposes and Gran Colombia 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.
Through completion of the Transaction, Gran
Colombia has increased its holdings in Sandspring to an aggregate
of 37,500,000 common shares and 16,000,000 share purchase
warrants. Each share purchase warrant entitles the Company to
purchase one additional share of Sandspring at CA$0.40 for a period
of sixty (60) months. The 37,500,000 common shares represent
approximately 17.88% of the outstanding common shares of
Sandspring. Assuming that Gran Colombia but no other warrant holder
exercises and holds its share purchase warrants, when combined with
its existing ownership, Gran Colombia would have control and
direction over 53,500,000 common shares representing approximately
23.71% of the then outstanding common shares of Sandspring.
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 production guidance and anticipated business plans
or strategies, including exploration programs and mineral
resources and reserves. 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, 2018 and Management’s Discussion and Analysis dated as of
November 13, 2018, both of which are 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 DaviesChief Financial Officer(416)
360-4653investorrelations@grancolombiagold.com
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