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Gran Columbia (GCM.t) : restructured Columbian Gold miner

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Gran Columbia (GCM.t) : restructured Columbian Gold miner, in Profit waiting to be discovered

 

(GCM shares experienced a Reverse Split of 1-share-for-15 on Apr. 27th, 2017):

 

GCM.t ... 10-yrs : 5-yrs : 2-yrs : 12mos : 6-mos / 10-d / U-1%: V-6% : X-8% :

Updated, Last: C$2.08 at 9/29/2017 - peaked on 610d.MA

RQthnv0.gif

 

AFTER Reverse split : 1-for-15 : Management awarded itself over 1.9 million Options at C$2.55 before the split

: 12-mos : 2-yrs : 3-yrs :

V3jIhhc.gif

 

Longer term - after split prices 3-yrs : 4-yrs : 5-yrs :

5w6BHtD.gif

 

GCM / Gran Columbia Mines - last: C$0.145 ( Jan. 2016 )

Share O/S : 23.7 mn x $0.145 = C$3.4 Million
Restructuring
+ Issuance of a maximum of 1.44 Billion shares
Vote FOR, approving the restructuring proposal
: shareholders : 72.22%
: Gold Notes -- : 95.00% : $77.1mn for / $4.06mn against
: Silver Notes - : 86.85% : $55.9mn for / $8.46mn against
===
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.

Additional information on Gran Colombia can be found on

On the GCM website at : http://www.grancolombiagold.com a

profile on SEDAR at---- : http://www.sedar.com.

Presentation : 11/2015 : http://www.grancolombiagold.com/investors/corporate-presentation/default.aspx

Read more at http://www.stockhouse.com/news/press-releases/2015/12/22/voting-results-of-the-meetings-of-the-shareholders-gold-noteholders-and-silver#c8oMHowvuFY2zo9o.99

 

Date---- : GCM.t : 7,692 : CAD$ : NotVal : 1% Deb. vol. : Db.O/S- Date : 6%Deb: Db.O/S- Date : TDebt : Shs-OS : MktVal. : Ent.Val. : Gold : OZ's

03/31/16 : $0.095 : 0,731 : 0.769 : 56.94 : $58.00. --------- : $71.2- 03/31 : $68.00 : 104.0 - 03/31 : $175.2 : 125.5m : C$11.9M: $184.3M/ 1234= 149.4k
06/30/16 : $0.100 : 0,769 : 0.773 : 59.44 : $55.00. --------- : $67.7- 06/30 : $65.00 : 103.3 - 05/12 : $171.0 : 157.8m*: C$15.8M: $183.2M/ 1325= 138.3k
07/06/16 : $0.140 : 1,077 : 0.770 : 82.92 : $74.00, 164.0k : $67.7- 06/30 : $78.50 : 103.3 - 05/12 : $171.0 : 157.8m*: C$22.1M: $188.0M/ 1366= 137.6k
08/31/16 : $0.115 : 0,885 : 0.763 : 67.53 : $72.00, 539.5k : $53.7- 08/11 : $83.15 : 103.3 - 08/11 : $157.0 : 252.9m*: C$29.1M: $186.1M/ 1311= 141.9k
09/30/16 : $0.120 : 0,923 : 0.762 : 70.33 : $72.50, 154.0k : $49.8- 09/06 : $91.00 : 102.5 - 09/06 : $152.3 : 277.6m*: C$33.3M: $177.7M/ 1317= 134.9k
10/21/16 : $0.115 : 0,885 : 0.750 : 66.34 : $68.00, 0??? k : $49.8- 09/06 : $88.00 : 102.5 - 09/06 : $152.3 : 277.6m*: C$31.9M: $176.2M/ 1266= 139.2k
11/30/16 : $0.100 : 0,769 : 0.744 : 57.21 : $61.00, 90.00k : $49.7- 12/06 : $84.00 : 101.2 - 12/06 : $150.9 : 277.6m*: C$27.8M: $171.6M/ 1174= 146.2k
12/30/16 : $0.095 : 0,731 : 0.744 : 54.39 : $61.00, 20.00k : $49.7- 12/06 : $84.00 : 101.2 - 12/06 : $150.9 : 277.6m*: C$26.4M: $170.5M/ 1152= 148.1k

02/10/17 : $0.110 : 0,846 : 0.764 : 64.63 : $61.00, 625.0k : $49.7- 12/06 : $81.00 : 101.2 - 12/06 : $150.9 : 277.7m*: C$30.5M: $174.2M/ 1236= 140.9k

03/31/17 : $0.100 : 0,769 : 0.750 : 57.68 : $64.00, 56.00k : $49.7- 12/06 : $82.99 : 100.7 - 04/07 : $150.4 : 277.7m*: C$27.8M: $171.3M/ 1251= 136.9k
04/21/17 : $0.095 : 0,731 : 0.742 : 54.24 : $65.00, 59.00k : $49.7- 12/06 : $81.99 : 100.7 - 04/07 : $150.4 : 277.7m*: C$26.4M: $170.0M/ 1289= 131.9k

======

04/26/17 : $0.095 : 0,731 : 0.733 : 53.82 : (reverse split) :
Date----- : GCM.t : 513sh: CAD$: NotVal: 1% Deb. vol. : Db.O/S- Date : 6%Deb: Db.O/S- Date: TotDebt: Shs-OS: MktValue : Ent.Val. : Gold : OZ's

04/27/17 : $1.550 : 0,795 : 0.733 : 58.28 : $61.00, 78.00k: $45.97-04/28 : $80.50 : 100.7 - 04/28 : $146.7 : 20.45m*: C$31.7M: $169.9M/ 1266= 134.2k

05/09/17 : $1.410 : 0,723 : 0.730 : 52.80 : $63.01, 78.00k: $45.97-04/28 : $81.00 : 100.5 - 05/02 : $146.5 : 20.45m*: C$28.8M: $167.5M/ 1216= 137.8k

08/22/17 : $1.370 : 0,703 : 0.796 : 55.94 : $70.00, 78.00K: $45.97-04/28: $87.00 : 100.5 - 05/02 : $146.5 : 20.45m*: C$28.0M: $168.8M/ 1286= 131.3K

09/25/17 : c$2.20 : 1,129 : 0.808 : 91.19 : $89.50, 36.00K: $45.97-04/28: $92.00 : $99.4 - 06/30 : $145.4 : 20.45m*: C$45.0M: $181.8M/ 1312= 138.5k oz
10/12/17 : c$1.86 : 954.2 : 0.802 : 76.53 : $81.00, 20.00K: $45.97-06/30: $95.02 : $99.4 - 06/30 : $145.4 : 20.45m*: C$38.0M: $175.9M/ 1297= 135.6k oz

10/20/17 : c$1.84 : 943.9 : 0.792 : 74.76 : $78.00, 10.00K: $45.97-06/30: $95.02 : $99.4 - 06/30 : $145.4 : 20.45m*: C$37.6M: $175.2M/ 1281= 136.8k oz

======

Last column : at 134.k on 4/27/2017 - GCM had an enterprize value of 134,000 oz., that's less that one year of its gold production

 

04/21: At 8/2018 maturity, 1% Debs= ($190 + 6,230 shs) so: $190 + 6230sh x 0.095 x 0.742= $439 : $629,
04/27: At 8/2018 maturity, 1% Debs= ($190 + 415.5 shs) so: $190 + 415.5sh x $1.55 x 0.733= $472 : $662,

09/01: At 8/2018 maturity, 1% Debs= ($190 + 415.5 shs) so: $190 + 415.5sh x $1.50 x 0.806= $502 : $696,

====

debs - 6/30/17 = Face Amt.
1% : : $27,265K : $45,970K (2018, Aug.)
6% : : $34,496K : $52,463K (2020. Jan.)
8% : : $28,858K : $46,955K (2024)
DEBs : $90.62 K : $145.4 K / BKV: $220.0k / shares OS: 20,450k = US$10.76 /sh.
Disc. : $ 54.77 K / 20.45k = ($2.68) + $10.76 = US$8.08 / sh.
====

10/12: $190 + c$1.86 x415.5 x0.802= $620= $809.8 : $81.00

Debs : Int. : CvShs : x$1.55: *0.733: adj.* : Last : Prem.: maturity : time x Coupon : Total: adjPrem.
2018 : 1% : 513 shs : C$ 795= $583 : $662 : 65.0: -1.81%: 11Aug18 : 1+3mos : $12.5 : $683 : -4.84% :
2020 : 6% : 513 shs : C$ 795= $583 : $583 : 80.5: +38.1%: 02Jan20 : 2+7mos : $155. : $738 : +9.08% :
====
*Maturity value = $190 + 415.5 shs (x$1.55x0.733) = $190 + $xxx = US$662

====
Alternative calculations :

#1: Shares: 277.7M + 1%Debs $49.7M> 382.6M + 6%Debs> 778.1M = 1,438.4 x C$0.110 = C$158.2 x 0.759 = $120.1M / 1239 = 96.93k oz
#2: Shares: 277.7M + 1%Debs $49.7M> 309.6M = 587.3M shs x C$0.110= C$64.6M x 0.759 = $49.0:: + $9.44M + $101.2 = $159.7M / 1239 = 128.9k oz
** : #2 assumes: : At 2018 maturity, 1% Debs= ($190 + 6,230 shs) so: $49.7M x19%= $9.44M, +6% Debs-$101.2M; are not conv.

:: Up to 12/2016, GCM repurchased and cancelled $2.9M principle = 22.4M shs. less /1450M = -1.54%

=======
> Debs. : http://www.grancolombiagold.com/news-and-investors/market-information/default.aspx#shares
> ShOS : http://www.stockhouse.com/companies/quote?symbol=t.gcm

> symb. :

TPRFD| T.GCM.DB.V 6% | T.GCM.DB.U 1% |T.GCM.W.A| TPRFF

=======

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GCM share price - vs. GDXJ & MNT.t

 

GCM.t - etc ... update : GCM.t only : 10/12/2017: c$1.86 : c$17.06 : $34.65 :

eK18IVU.gif

==

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]]]]]]]]]]]]]]]]]]]]]

From just one year ago - we see the pain of realization, regarding the need for restructuring

 

he calls it a "horribly conflicted company"

 

The Calandra Report: Gran Colombia's Fiscal Tic-Tac-Woe
January 12, 2015

​Gran Colombia Gold: One-Car Funeral​

​Yes I failed.

The worst idea I ever had -- one rooted in the belief that a company could make a difference in the lives of Colombia villagers and their investors -- is off another 40 percent in stock price Monday.

But then, as a money manager familiar with the Gran Colombia Gold failure just told me, "This company's executives could "$x$% up a one-car funeral."

Gran Colombia Gold's silver and gold-linked notes to raise cash was a good idea two-plus years ago. As long, that is, as Serafino Iacono's GCM engineered lower operating (all-in sustaining) costs at rich Segovia, the former El Frontino mine that produced many tens of millions of ounces of gold since the 1700s, and hundreds of millions of silver ounces.

Now, in the face of default, just announced, on those notes, Gran Colombia looks to have squandered great promise for Colombia's precious metals mining business. Squandered, that is, for most ordinary shareholders, but perhaps not for top managers, or owners of its senior subordinated notes -- the first-in-line gold ones.
el-marma.jpg : Thom at EL MARMATO: 2007

The Gran Colombia saga is bizarre because of themes that seem at conflict with one another.

For example: Colombia's potential just 7 years ago was as one of Latin America's richest unrealized resources of oil, gold, copper, silver and other minerals. The nation has with the exception of oil, and perhaps coal, done everything it can to stymie its rich resources.

Against a devastating headline of GCM DEFAULTS ON NOTES is a live and positively actionable theme: the Colombian peso's rapid decline these past 12 to 14 weeks makes Gran Colombia more likely than ever to turn a profit, on paper, anyway. That is because acheaper peso makes expenses that are reported in the operating country a LOT cheaper when translated back into the stronger corporate currency -- in this case Canadian dollars and USA dollars.
. . .
Segovia, with a little help from El Marmato, the self-tortured village and mountain that brought me back to Colombia starting in 2007, made Gran Colombia that nation's second largest precious metals producer. Expectations are for 112,000 total gold ounces for 2014. I believe that figure is for gold with silver, this gold equivalent ounces.

At some point in 2015, Segovia alone could produce an average of 10,000 ounces monthly, fingers crossed. But remember, this is Gran Colombia Gold company with a working capital deficit that is something like $70 million. See management discussion. Some of that deficit is -- the company has said repeatedly -- bacause the government of Colombia is sitting on $11 million of overdue VAT refunds linked to the Segovia operations.

So, atop the horrific management of Segovia, and El Marmato, GCM managers (and shareholders) must deal with a national government that skins 17 percent of VAT tax off the top every chance it can get, then stalls and stalls on repayment.

The current situation: Gran Colombia Gold, which has been vowing a return to profitability repeatedly in 2014, "has significant liquidity concerns in meeting the debt service requirements associated with the exercise of the put options under the Gold Notes and the interest payments associated with both the Gold and Silver Notes."
. . .
Gran Colombia Gold, its management influenced by the Blue Pacific investment group, will need near-term financing, and the horribly conflicted company will need to work a deal with the senior secured debt (gold notes) holders on payment of interest and capital.

Read more at http://www.stockhouse.com/opinion/independent-reports/2015/01/12/the-calandra-report-gran-colombia-s-fiscal-tic-tac-woe#skYkYFPVkMLQCsQi.99

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Good News !

Q3-2015 : Production up +70 % since prior year, as costs fall

gcm-q3-2015-results-4-638.jpg?cb=1447343

gcm-q3-2015-results-3-638.jpg?cb=1447343

gcm-q3-2015-results-7-638.jpg?cb=1447343

gcm-q3-2015-results-5-638.jpg?cb=1447343

 

> Presentation: http://www.grancolombiagold.com/investors/corporate-presentation/default.aspx

> Q3 Interims : http://s1.q4cdn.com/320963646/files/doc_financials/Q3-2015/GCM-Financial-Statements-09-30-15-%28Final%29.pdf

> Financials -- : http://www.grancolombiagold.com/investors/financials/default.aspx

 

DEBT : is carried at a discount - so the balance sheet value of it will rise over time towards $150mn, unless they buyback.

This makes sense since they can now buy the debt at below par, and 81% of the 2018 debenture can be paid in shares,

at the company's option

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I do not understand why the stock is now so cheap !!!

The company has made a huge operational turnaround

Q3-Income, ops- : $ 9,882k - per Q3 Interims
Or Use EBITDA--- $ 13.3 Mn
---- Multiply x 4 : $ 53.2 Mn - because of 4 quarters in the year

"worst case" say they wind up with 1.4 Billion shares, if all debt ($120mn) is converted
Annualized EBITDA : $53.2Mn / 1.4 Billion = Ebitda/sh : $0.038

At 8x EPS, the stock would trade at $0.305 right?
Too high? Maybe we need to subtract the Tax Due ($4.3mn), then: $9.0mn
And: $9.0mn x 4 = $36mn / 1400mn = $0.0257 x 8 = $0.206, still above where it is now.

The operations have been improving, qtr-by-qtr, and if improvement continues, the stock can rise above this level.

Now trading : just $0.125 - 0.145 with little liquidity - it must be the (many?) uncertainties, I suppose.
If they convert fewer shares, they have to pay interest, but they are generating enough CF
now to make the debt payments, after the restructuring

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Gran Colombia Gold Announces Completion of Debt Restructuring

01/20/2016

GCM.t ... 6-mos : 10-days :

GCM_zpskbuvhcj8.gif

TORONTO, ON --(Marketwired - January 20, 2016) - Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) is pleased to announce that today it has completed the previously announced comprehensive debt restructuring, implemented pursuant to a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

The new 2018 Debentures and 2020 Debentures will be listed for trading on January 22, 2016, under the trading symbols GCM.DB.U and GCM.DB.V, respectively. The first interest payment on both debentures will be made on February 29, 2016. 2018 Debenture holders will receive approximately US$1.09 per US$1,000 principal amount of debentures. 2020 Debenture holders will receive approximately US$6.58 per US$1,000 principal amount of debentures. These payment amounts represent accrued interest payable from January 20, 2016 to February 28, 2016, inclusive.

The Company has issued additional common shares to certain holders of Gold Notes and Silver Notes who have, as provided for in the Arrangement, elected to receive common shares in exchange for US$150,000 principal amount of Gold Notes and US$10,960,000 principal amount of Silver Notes, plus all corresponding accrued and unpaid interest and applicable restructuring fees. As of completion of the Arrangement, the capital structure of the Company is as follows:

$10.96 million face x 7.692 shs = 84.3 million shares - or 74.2% of what are now O/S

Security Issued and Outstanding

Common Shares-- 113,568,310* shares x C$0.09 = C$ 10.2 million / 1.38 = US$ 7.39 million
2018 Debentures US$ 71,168,174 (convertible into 547,447,492 common shares) : at US$0.13 - pays US$1.09 per $1,000 : 2/29/2016
2020 Debentures US$103,992,350 (convertible into 799,812,752 common shares): at US$0.13 - pays US$6.58 per $1,000
=====
Sub-total Dillution to a price of US$0.13 : 1,460.8 mn shs. = US$189.9mn MktCap x 1.38 = C$ 262mn

Sub-total Dillution to a price of US$0.13 x 1.38 = C$ 0.179

2017 Warrants Warrants to purchase 1,000,000 common shares at an exercise price of CA$18.75 expiring October 30, 2017 2019 Warrants Warrants to purchase 4,211,918 common shares at an exercise price of CA$3.25 expiring March 18, 2019 Options Options to purchase 896,936 common shares at exercise prices between CA$1.84 and CA$55.00 expiring between January 27, 2016 and July 21, 2019

 

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombia. Gran Colombia is currently the largest underground gold and silver producer in Colombia with several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.

2/ EXCERPT:

2015 Production Update

The Company announced today that its total gold production for the fourth quarter of 2015 was 30,051 ounces, up 3.5% from the fourth quarter last year. The Company produced a total of 23,869 ounces of gold and 37,740 ounces of silver from its underground mining operations at Segovia in the fourth quarter of 2015 despite operational disruptions related to external security challenges the Company faced in October and November of 2015 from a local criminal organization. At Marmato, the Company produced 6,182 ounces of gold and 8,754 ounces of silver during the fourth quarter of 2015. This brings the Company's annual gold production for 2015 to a total of 116,857 ounces of gold and 147,817 ounces of silver, up 18.5% and 17.4%, respectively, over the same period in 2014. For 2015, Segovia's annual gold production, approximately 83% of which was sourced from the contract mining operations, increased 24.7% over last year to a total of 92,894 ounces. At the Company's Marmato underground mine, total annual gold production for 2015 of 23,963 ounces was on par with 2014's production level. The Company expects to release its fourth quarter and full year 2015 financial results at the end of March 2016.

 

> http://grancolombiagold.com/investors/press-Releases/press-releases-details/2016/Gran-Colombia-Gold-Announces-Appointment-of-New-Board-Members-and-Provides-an-Update-on-2015-Production/default.aspx

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HISTORICAL

Production co.mined contract Marmato TotGold : Silver- :
Q1 -2014- : --------- : --------- : --------- : 19,200 :
Q2 -2014- : --------- : --------- : --------- : 25,713 :
Q3 -2014- : 02,889 : 15,590 : 06,187 : 24,666 : 31,219 :
9mos ' 14 -: 12,222 : 39,857 : 17,500 : 69.579 :
Q4 -2014- : --------- : --------- : --------- : 29,034
12mos '14 : --------- : --------- : --------- : 98,614 : 125,909:

Q1 -2015- : --------- : --------- : --------- : 23,973 :
Q2 -2015- : --------- : --------- : --------- : 28,495 :
Q3 -2015- : 04,920 : 23,028 : 06,187 : 34,339 : 43,019 :
9mos ' 15 -: 10,351 : 58.675 : 17,781 : 86.807 :
Q4 -2015- : --------- : --------- : 06,182 : 30,051 :
12mos '15 : --------- : --------- : 23,963: 116,857: 147,817:

 

Q1 -2016- : --------- : --------- : --------- : 25,000 : Est.
Q1 -2016- : --------- : --------- : --------- : 31,489 : Act.
April ------- : --------- : --------- : --------- : 12,053 :
4 months-- : --------- : --------- : --------- : 43,542 : annualized.> 130,626 oz. GOLD
Q2 -2016- :
12mos '16 : --------- : Gold TARGET : 120,000 - 138,000

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Gran Colombia Gold Announces First Quarter 2016 Results;
Steady Improvement in EBITDA, Costs and Production

 

  • On January 20, 2016 (the "Exchange Date"), Gran Colombia completed the comprehensive restructuring of its Senior Secured Gold-Linked Notes due October 2017 (the "Gold Notes") and Senior Unsecured Silver-Linked Notes due August 2018 (the "Silver Notes), bringing it out of default and improving its liquidity as it continues with its mine plan implementation at the Segovia Operations.
  • Gran Colombia reported further improvement in its quarterly adjusted EBITDA which amounted to $11.6 million in the first quarter of 2016 compared with $7.1 million in the first quarter last year. Increased production together with the significant reduction in total cash costs and G&A expenses were the primary drivers. See the Company's MD&A for the computation and components of this non-IFRS measure.
  • Gran Colombia maintained its cash position at $3.0 million at the end of the first quarter of 2016. Adjusted EBITDA generated in the first quarter of 2016 was deployed to fund interest payments on the Company's senior debt, costs associated with completion of the comprehensive restructuring, capital expenditures and payment plans with local creditors as part of the Company's initiative to reduce its working capital deficit this year.
  • Gran Colombia met its expectation for the first quarter of 2016 as gold production totalled 31,489 ounces, up 5% from the fourth quarter of 2015 and up 31% from the first quarter a year ago. With a further 12,053 ounces produced in April, the Company remains on track with its production guidance for 2016 of a total of 120,000 to 138,000 ounces of gold for the year.
  • Revenue of $34.5 million in the first quarter of 2016, up 12% over the first quarter last year, primarily reflects the increased gold production this year that contributed to a 17% increase in gold ounces sold, offset partially by the impact of lower gold prices in 2016 that decreased the Gran Colombia's realized gold prices by 4% to an average of $1,144 per ounce for the first quarter of 2016.
  • Devaluation of the Colombian peso, the increased gold production reducing fixed costs on a per ounce basis, and cost savings all combined to reduce total cash costs by 17% from a year ago to $685 per ounce in the first quarter of 2016 and bringing all-in sustaining costs ("AISC") down by 16% to $790 per ounce for the first quarter this year. See the Company's MD&A for the computation of these non-IFRS measures.
  • Gran Colombia reported net income attributable to shareholders of $10.8 million for the first quarter of 2016, or $0.15 per share, compared with a net loss attributable to shareholders of $3.3 million, or $0.14 per share, in the first quarter of 2015. The current quarter's net income attributable to shareholders includes $14.5 million, or $0.20 per share, of after-tax mark-to-market ("MTM") gains on the Gold and Silver Notes up to the Exchange Date.
  • Read more at http://www.stockhouse.com/news/press-releases/2016/05/12/gran-colombia-gold-announces-first-quarter-2016-results-steady-improvement-in#4EIe3i3EGST1Ff7Z.99

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HISTORICAL
Production : GoldProd : SilverPrd : Revenues : NPBUI :
Q1 -2014- : 19,200 :
Q2 -2014- : 25,713 :
Q3 -2014- : 31,219 :
9mos ' 14 -: 69,579 :
Q4 -2014- : 29,034 :
12mos '14 : 98,614 : 125,909:
==
Q1 -2015- : 23,973 :
Q2 -2015- : 28,495 :
Q3 -2015- : 43,019 :
9mos ' 15 -: 86.807 :
Q4 -2015- : 30,051 :
12mos '15 : 116,857: 147,817:
==
Q1 -2016- : 31,489 : Act.
April ----- : 12,053 :
4 months-- : 43,542 : ann.> 130,626
Q2 -2016- :
12mo TARGET : 120,000 - 138,000

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INCOME, Historical

Production

------------: AUProd : AGPrd : -Revs.- : NPBUI : Net Inc. : PerSh :
Q1 -2015- : 23,973 : 00,000 : $ 00.0m : $07.1m ($1.8m): ($0.08) :
Q2 -2015- : 28,495 :
Q3 -2015- : 43,019 : 00,000: $ 39.3 m :
9mos ' 15- : 86.807 : 000.0k: $101.1m :
Q4 -2015- : 30,051 :
12mos '15 : 116,857: 147,817:
==
Q1 -2016- : 31,489 : 00,000: $34.3 m : $11.6m : $ 0.3m : $0.00 :
April ------- : 12,053 :
4 months-- : 43,542 : ann.> 130,626
Q2 -2016- :
12mo TARGET : 120,000 - 138,000

====
Deb.s O/S : 2018 deb : 2020 deb. : Total OS > shares
Original -- : $ 71.1Mm : $104.0Mn : $175.1Mn : 114.13mn shs

Interest p.a. : $ 711 k : $ 6,240 k : $ 6,951 k :
C-versions : $ 02.3Mn : $ 00.7 Mn : $ 03.0Mn> 23.2 mn
Current --- : $ 68.8Mn : $103.3Mn: $172.1Mn : 137.07mn shs

Interest p.a : $ 680 k : $ 6,198 k : $6,878 k :

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DEBENTURE PRICES : this is the way to play the turnaround

 

------------------------Issuer : Symbol ---- : Coupon : Maturity Last: Value: YTM : Premium:

Gran Columbia Gold Corp : GCM.DB.U : 1.00% 11-Aug-18 55.00 73.08 30.29% -24.74% 769.23 0.13 GCM 0.10

Gran Columbia Gold Corp : GCM.DB.V : 6.00% 02-Jan-20 57.00 73.08 24.65% -22.00% 769.23 0.13 GCM 0.10

==

> http://www.financialpost.com/markets/data/bonds-debentures.html

Value Calc: US$ 1,000 / US$0.13 = 7,692 shares

 

7,692 x C$0.10 = C$769.20 x 0.765 = US$ 588.44

 

Acquisition of US$4,165,943 2020 Debentures of Gran Colombia Gold Corp.

 

TORONTO, ONTARIO--(Marketwired - Jan. 25, 2016) - Blue Pacific Assets Corp*. ("Blue Pacific") acquired approximately US$4,165,943 Senior Secured Convertible debentures due 2020 (the "2020 Debentures") of Gran Colombia Gold Corp. ("Gran Colombia"), which are convertible for approximately 32,045,715 common shares of Gran Colombia (the "Common Shares") at a conversion price of US$0.13 per share (equal to approximately CA$0.19 as of January 20, 2016) pursuant to the debt restructuring completed by Gran Colombia on January 20, 2016 through a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

 

The 2020 Debentures were acquired in exchange for the US$4,000,000 principal amount of 10% Secured Gold-Linked Notes (the "Gold Notes") previously held by Blue Pacific, pursuant to the Arrangement.

Prior to completion of the Arrangement, Blue Pacific beneficially owned or controlled 3,538,326 Common Shares and 1,167,953 common share purchase warrants entitling Blue Pacific to acquire up to 1,167,953 Gran Colombia Common Shares representing 18.92% of the issued and outstanding.

Following completion of the Arrangement, Blue Pacific beneficially owns or controls 3,538,326 Common Shares, warrants entitling Blue Pacific to acquire up to 1,167,953 Gran Colombia Common Shares and approximately US$4,165,943 principal amount of 2020 Debentures representing 4% of the principal amount of 2020 Debentures. These combined holdings represent 36,751,994 Common Shares or 25.04% of the outstanding Common Shares on a partially diluted basis taking into account the outstanding Common Shares and assuming the exercise of all of the warrants and conversion of all of the 2020 Debentures over which Blue Pacific exercises control or direction and no others

==

> http://www.marketwired.com/press-release/acquisition-of-us4165943-2020-debentures-of-gran-colombia-gold-corp-2090799.htm

 

*Blue Pacific — Iacono and (Frank) Giustra’s private company led by Jaime Perez Branger:

> https://settysoutham.wordpress.com/2013/04/05/access-journalism-done-right-the-serafino-iacono-case/

Of all the companies in Frank and Fino’s portfolio, Petroamerica Oil Corp. (TSXV:PTA) is the one they’re most excited about. “There’s a huge opportunity for Petroamerica to be the consolidator of light oil projects in Colombia,” Fino says. “CEO Nelson [Navarette] is the top oil executive in Colombia, with the best connections in the country. This is the next Pacific Rubiales.”

Frank and Fino are two of the largest holders of PTA shares, last at 32 cents.

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Unique Gran Colombia Gold Yankee Bond Offers Over 32% Yields ...

seekingalpha.com › Dividends & Income › Basic Materials
.

Feb 26, 2016 - Gran Colombia posted over 30% year-over-year revenue gains in ...

The convertibility feature may end up as rocket fuel to current bond prices.

. . .

Prior to the finalization of restructuring, the company's interest coverage in Q3 of 2015 was about 2.7x. Although we expect coverage to be less in the forthcoming Q4 2015 (year-end) report due to weaker fourth quarter gold prices, a short production interruption, and restructuring expenses, with the new terms and lower cost taking effect in Q1 2016, interest expenses should be nearly one-half of what they have been in 2015. Consequently, we estimated the change would effectually double the earnings/interest coverage ratio, to over 5 1/2 x, before adding in any increase in revenues projected to result from higher gold prices.

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AT LAST !

A nice jump on heavy volume

 

GCM.t / Gran Columbian ... update : 6-mos :

GCM_zps4yifnbj4.gif

 

1% Deb conversion values

 

7,692 x C$0.15 = C$1,153.8 x0.770 = US$ 888.43
7,695 x C$0.14 = C$1,077.3 x0.770 = US$ 829.52
7,695 x C$0.13 = C$1,000.3 x0.770 = US$ 770.27

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Date---- : GCM.t : 7,692 : CAD$ : NotVal : 1% Deb. vol. : Db.O/S- Date : 6%Deb: Db.O/S- Date : TDebt : Shs-OS : MktVal. : Ent.Val. : Gold : OZ's
03/31/16 : $0.095 : 0,731 : 0.769 : 56.94 : $-------, --------- : $71.2- 03/31 : $------- : 104.0 - 03/31 : $175.2 : 125.5m : $11.92M: $187.1M :
07/06/16 : $0.140 : 1,077 : 0.770 : 82.92 : $74.00, 164.0k : $67.7- 06/30 : $78.50 : 103.3 - 05/12 : $171.0 : 157.8m*: $17.0M: $188.0M / 1366 = 137.6k
======
> Debs. : http://www.grancolombiagold.com/news-and-investors/market-information/default.aspx#shares
> ShOS : http://www.stockhouse.com/companies/quote?symbol=t.gcm
======

 

Chart ... 12mos : 6-mos / 10-d :

GCM-12mo_zps00waevzb.gif

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2016 Production Update

Gran Colombia also announced today that its total gold production for the month of May was 13,141 ounces bringing the total for the first five months of 2016 to 56,682 ounces, up 36% over the same period last year. At the Segovia Operations, 11,023 ounces of gold were produced in May bringing its total production to 46,976 ounces for the first five months of 2016, up 44% over the same period last year. A 50% increase in tonnes milled in 2016, averaging 735 tpd through the first five months, has been the primary contributor to Segovia's production improvement in 2016. In the Company-operated mining areas at Segovia, which represent about half of the tonnes milled this year, development and mechanization activities in the Providencia and El Silencio mines have generated a 50% improvement in tonnes milled in 2016 and a 17% increase in head grades compared with the same period last year. Gran Colombia has also seen a 49% increase in ore sourced from the contract mining cooperatives in the first five months of 2016 with head grades averaging 22 g/t. At the Marmato underground mine, May's gold production of 2,118 ounces brought the total for the first five months of 2016 to 9,707 ounces, up 7% over the same period last year. Gran Colombia remains on track to meet its annual production guidance of 120,000 to 138,000 ounces of gold.

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2016/Voting-Results-of-the-Annual-Meeting-of-the-Shareholders-of-Gran-Colombia-and-2016-Production-Update/default.aspx

 

Prod.: Total-- : Segovia : Other- :
Qtr.1 : 31,489 :
April : 12,053 :
May- : 13,141 : 11,023 : 02,118
5mos : 56,682 : 46,976 : 09,706
June : 13,000E
Qtr.2 : 38,194E
Vs.Q1: +21.3 %
Total :
----
5mo'15 36,334 : 32,622 : 03,712 :
Change: + 56 % : + 44 % :

 

==== : 2015-q4 : 2016-q1 : 2016-q2 :
Revs : $XX.XXM : $34.50M : $47.88M :
Prod. : 30,000e : 31,489 - : 38,000- :
Sold- : 30,000e : 29,686 - : 38,000- :
perOz: $1,000 - : $1,162 - : $1,250- :
Aver. : $1,096 - : $1,175 - : $1,260- :
Cost- : $XX.XXm : $20.33M : $26.60Me
perOz:: $1,000 - : $ 0,685 - : $ 0,700- :
otherC: $XX.XXM : $13.92M: $14.00Me
AdjNet: $XX.XM : $00.25M: $07.28Me :
Shs-OS: XX.XX M : 125.5m : 157.8 m :
Per Sh.: ---------- : $ 0.002 : $ 0.046 :
======
AvGLD : $105.4 - : $112.4 - : $120.0 - :
Ratio - : r-10.40 : r- 10.45 : r- 10.50 :

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Gran Colombia Gold Announces TSX Approval of Normal Course Issuer Bids for Its 2018 and 2020 Debentures;

 

Provides Mid-Year Production Update and Q2 2016 Results Webcast Details

July 19, 2016

TORONTO, ON --(Marketwired - July 19, 2016) - Gran Colombia Gold Corp. (TSX: GCM)(OTC PINK: TPRFF) announced today that it has received approval from the Toronto Stock Exchange (the "TSX") to commence normal course issuer bids for its Senior Unsecured Convertible Debentures due 2018 (the "2018 Debentures") and its Senior Secured Convertible Debentures due 2020 (the "2020 Debentures" and together the "Debentures"). The 2018 Debentures and 2020 Debentures currently trade on the TSX under the trading symbols GCM.DB.U and GCM.DB.V, respectively.

 

Under the terms of the bids the Company will have the right to purchase for cancellation up to a maximum of US$6,633,471 aggregate principal amount of 2018 Debentures and a maximum of US$9,629,597 aggregate principal amount of 2020 Debentures through the facilities of the TSX or alternative Canadian trading systems. This amount represents approximately 10% of the public float of the 2018 Debentures and 2020 Debentures, respectively, issued and outstanding as of July 11, 2016, determined in accordance with the applicable rules of the TSX. As of the date hereof, the aggregate principal amount issued and outstanding 2018 Debentures is US$63,742,176 and 2020 Debentures is US$103,294,350.

 

Management of the Company will determine the actual number of 2018 Debentures and 2020 Debentures that may be purchased and the timing of any such purchases, subject to compliance with applicable TSX rules. Daily purchases will be limited to US$17,154 principal amount of 2018 Debentures and US$12,279 principal amount of 2020 Debentures, other than block purchase exceptions. Purchases made pursuant to the bids will be made on the open market through the facilities of the TSX or other designated exchanges and published markets in Canada, and the price that the Company will pay for any such Debentures will be the market price at the time of the acquisition. The Company will not purchase Debentures when the market price per US$100 aggregate principal amount of Debentures exceeds US$100.

 

The Company is proposing to commence the bid on July 21, 2016, and have it remain open until the earlier of July 20, 2017 or the date on which the Company has purchased the maximum number of Debentures permitted under each bid. The Company has not purchased any 2018 Debentures or 2020 Debentures during the previous 12 months.

 

Under the terms of the indenture governing each of the Debentures, and as further described in such documents, the Company is required to set aside certain amounts of its excess free cash for repayment, repurchase or redemption of the Debentures. In accordance with each indenture, the Company is entitled and intends to use such funds for purchases of Debentures through the normal course issuer bids. The Company intends to make the bids because it believes: (i) that the 2018 Debentures and 2020 Debentures may be undervalued from time to time in relation to its current and future business prospects; (ii) that the purchase of Debentures though the bids is the best use of any excess free cash accumulated as per the terms of the indentures governing each of the Debentures and (iii) that Debentures may become available during the period of the bids at prices that would make the purchase of Debentures for cancellation an appropriate use of available funds and in the best interests of the Company and its shareholders.

 

Production Update

The Company also announced today that it produced a total of 38,229 ounces of gold in the second quarter of 2016, up 21% from the first quarter of this year and up 34% from the second quarter a year ago. This brings the total production for the first half of 2016 to 69,718 ounces of gold, up 33% over the first half of 2015. The Company remains on track with its production guidance for 2016 of a total of 120,000 to 138,000 ounces for the full year.

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2016/Gran-Colombia-Gold-Announces-TSX-Approval-of-Normal-Course-Issuer-Bids-for-Its-2018-and-2020-Debentures-Provides-Mid-Year-Production-Update-and-Q2-2016-Results-Webcast-Details/default.aspx

 

Prod.: Total- : Segovia: Other :
Qtr.1 : 31,489: 25,999 :
April : 12,053 :
May- : 13,141 : 11,023 : 02,118 :
5mos : 56,682 : 46,976 : 09,706 :
June-: 13,035 : 10,907 : 02,128 :
6mos : 69,717 : 57,883 : 11,834 :
Qtr.2 : 38,229: 31,884 : 06,345 :
Vs.Q1 +21.4%: +22.6% :

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T.GCM.DB.U / 01/22/16-08/02/2016

 

Date------- Close -High- -Low- Open : Volume-

20160122 30.00: 30.00 30.00 30.00 : 025,000

(unformated)

20160125 45 45 45 45 10000 20160126 45 45.01 45 45.01 6000 20160129 40 40.01 40 40.01 2000

20160202 40 40 40 40 7000 20160204 44 44 44 44 3000 20160205 41 41.01 41 41.01 100000 20160208 44 44 44 44 21000 20160209 44 44 44 44 15000 20160211 45 45.01 45 45 110000 20160212 49 50 49 49 62000 20160216 46 46.01 46 46 121000 20160217 45.08 46.01 45.08 46.01 53000 20160218 53 53 47.99 47.99 237000 20160219 52.5 55.01 52.5 53 239576 20160223 52.5 52.5 52.49 52.5 96000 20160224 52.5 52.5 52.25 52.25 31000 20160225 48.5 48.5 48.5 48.5 50000 20160226 47.5 47.5 47.5 47.5 50000 20160229 47.5 48 47.5 48 331000 20160301 50.2 50.2 50 50 70549 20160302 53 54.25 53 54 50000 20160303 55 57 55 56 268700 20160304 58 59 56 57 281049 20160307 58 62 58 59 402402 20160311 57 57 55 55 11258 20160317 59.5 59.5 58 58 179000 20160318 58 60 58 59.98 130000 20160321 58 58 58 58 26549 20160322 58 58 58 58 5000 20160408 55 55 55 55 172000 20160411 58 58 57 57 181000 20160420 58 58 58 58 6000 20160425 55 55 55 55 50000 20160429 57.49 57.49 57.49 57.49 30000 20160502 53 57.5 53 57.5 855000 20160503 56 56 55.83 55.83 109324 20160504 52.02 52.02 52.02 52.02 7000 20160506 54 54 54 54 10000 20160512 54 54 54 54 750000 20160513 54 54.02 54 54.02 2000 20160516 55 57.5 54 54 1375000 20160517 55 55.99 55 55.99 100361 20160518 54.99 55 54.99 55 33000 20160519 56 56 56 56 19000 20160525 55 55.5 55 55.5 6000 20160526 53.89 54.89 53.89 54.89 100000 20160527 54 54 54 54 11000 20160530 53.94 53.94 53.94 53.94 40000 20160531 52.69 52.75 52.69 52.75 32000 20160601 51 52 51 52 68000 20160602 51.99 52 51.99 52 21000 20160603 53 53 53 53 20000 20160606 53 53 53 53 1000 20160607 52.75 53 52.75 53 43000 20160610 52.5 52.75 52.5 52.75 170000 20160613 53 53 53 53 1000 20160615 54.5 54.5 54.5 54.5 100000 20160616 53 53.01 53 53.01 126000 20160617 51.6 52.18 51.6 52.18 5000 20160620 53 53 52 52 3000 20160621 53 53 53 53 2000 20160622 53 53 53 53 1000 20160623 52 53 52 53 27288 20160624 52 53 51.99 52.99 132166 20160628 57 57 54.5 55 72000 20160629 55 55 55 55 10000

=====

Date------ Close High - Low Open : Volume

20160704 68.00: 68.00 58.00 58.00 : 352,000
20160705 71.00: 74.00 68.00 69.99 : 503,000
20160706 73.99: 76.00 69.00 69.00 : 164,066
20160707 71.15: 71.15 71.00 71.04 : 134,000
20160708 73.00: 75.00 70.00 71.00 : 412,000
20160711 75.00: 75.00 74.99 75.00 : 031,916
20160713 70.09 71.60 70.00 70.00 : 713,615
20160714 70.00: 70.10 70.00 70.10 : 140,000
20160715 69.99: 70.00 69.99 70.00 : 100,000
20160718 70.00: 71.94 70.00 71.00 : 925,000
20160719 76.89: 80.00 72.00 72.89 : 2,484,594
20160720 73.78: 76.00 73.01 76.00 : 713,000
20160721 73.50: 74.98 73.49 73.95 : 1,422,000
20160722 74.00: 74.00 74.00 74.00 : 1,024,400
20160725 74.00: 75.00 73.11 73.99 : 230,000
20160726 74.89: 74.89 73.99 73.99 : 187,000
20160727 73.10: 73.16 73.05 73.05 : 094,000
20160728 74.94: 74.94 74.89 74.89 : 105,000
20160729 74.98: 74.98 74.00 74.97 : 254,000
20160802 75.00: 75.00 75.00 75.00 : 1,668,000

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"Gold production in the second quarter of 2016 totalled 38,229 ounces, up 34%..."

 

Gran Colombia Gold Announces Second Quarter and First Half 2016 Results;

Doubles Adjusted EBITDA and Increases 2016 Production Guidance

August 11, 2016

TORONTO, ON --(Marketwired - August 11, 2016) - Gran Colombia Gold Corp. (TSX: GCM)(OTC PINK: TPRFF) announced today the release of its unaudited condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six months ended June 30, 2016. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Second Quarter and First Half 2016 Highlights

  • Gran Colombia's adjusted EBITDA increased to $18.3 million in the second quarter of 2016 on the strength of improved gold production and reduction in total cash costs per ounce. This brings the total adjusted EBITDA for the first half of 2016 to $29.9 million, double the adjusted EBITDA for the first half of last year. See the Company's MD&A for the computation of this non-IFRS measure. The increased adjusted EBITDA in the second quarter of 2016 led to improved operating cash flow which in turn enabled the Company to continue to reduce overdue local payables and to generate $2.3 million of Excess Cash Flow that has been deposited into the sinking funds for the 2018 and 2020 Debentures.
  • Gold production in the second quarter of 2016 totalled 38,229 ounces, up 34% from the second quarter of 2015, bringing the total for the first half of 2016 to 69,718 ounces, a 33% improvement over the first half of last year led by strong performance at its Segovia Operations. Following a record monthly total of 13,583 ounces produced in July, the Company is increasing its production guidance for 2016 to a total of 135,000 to 145,000 ounces of gold for the year.
  • Gran Colombia successfully completed the comprehensive restructuring of its senior commodity-linked notes into senior convertible debentures on January 20, 2016 (the "Exchange Date"). Including holders' elections on the Exchange Date, to date a total of $28.9 million of 2018 Debentures and $0.9 million of 2020 Debentures have been converted by holders into common shares of the Company, reducing the aggregate principal amount of the Company's 2018 and 2020 Debentures by 16%. The Company launched Normal Course Issuer Bids ("NCIBs") on July 21, 2016 to use cash accumulated in the sinking funds for the 2018 and 2020 Debentures to repurchase the debt on the open market for cancellation. In the four trading days available prior to the second quarter earnings blackout period, Gran Colombia purchased a total of $0.2 million aggregate principal amount of its debentures for cancellation. At August 11, 2016, the Company has 252.9 million common shares issued and outstanding and the aggregate principal amount of the 2018 and 2020 Debentures was $53.7 million and $103.1 million, respectively.
  • Revenue of $48.0 million in the second quarter of 2016, up 54% over the second quarter last year, reflects the increased gold production this year that contributed to a 47% increase in gold ounces sold, and the strengthening of spot gold prices in the second quarter of 2016. This brings total revenue for the first half of 2016 to $82.5 million, up 33% over the first half last year.
  • Gran Colombia's total cash costs in the second quarter of 2016 decreased 13% from the second quarter a year ago to $680 per ounce helping to bring all-in sustaining costs("AISC") down by 10% to $811 per ounce for the second quarter this year. See the Company's MD&A for the computation of these non-IFRS measures.
  • The net income attributable to shareholders was $0.01 million, or $0.00 per share, for the second quarter of 2016 compared with $3.0 million, or $0.13 per share, in the second quarter of 2015. For the first half of 2016, net income attributable to shareholders amounted to $10.9 million, or $0.09 per share, compared with a net loss attributable to shareholders of $0.3 million, or $0.01 per share, in the first half of last year.
  • The adjusted net income attributable to shareholders was $3.9 million, or $0.03 per share, in the second quarter of 2016 compared with $1.7 million, or $0.07 per share, in the second quarter last year. For the first half of 2016, adjusted net income attributable to shareholders was $4.1 million, or $0.04 per share, compared with an adjusted net loss of $0.2 million, or $0.01 per share, in the first half of last year. See the reconciliation in the Company's MD&A for the computation of this non-IFRS measure. The increase in adjusted EBITDA, net of an increase in income taxes, in 2016 was the primary driver behind the improved adjusted net income results this year.

Lombardo Paredes Arenas, Chief Executive Officer of Gran Colombia, commenting on the Company's results for the first half of 2016, said, "We are very pleased to see the improvement in our adjusted EBITDA in the first half of this year, made possible through our production growth at Segovia and further reduction in our costs. The increased level of operating cash flow we are generating is being dedicated toward improving our balance sheet through reductions in our payables and to buy back our senior debt through the recently announced NCIBs. We also feel confident enough at this point in the level of monthly production we are seeing at Segovia to raise our gold production guidance for the year to a total of 135,000 to 145,000 ounces."

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2016/Gran-Colombia-Gold-Announces-Second-Quarter-and-First-Half-2016-Results-Doubles-Adjusted-EBITDA-and-Increases-2016-Production-Guidance/default.aspx

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Prod.: Total-- : Segovia : Other- :
Qtr.1 : 31,489 :
Qtr.2 : 38,229 :
Vs.Q1 : +21.4% :
6mos : 69,718 :
q2/mo: 12,743 :
July- : 13,583 :

==== : 2015-q4 : 2016-q1 : 2016-q2 : July x 3 :
Revs : $XX.xxM : $34.50M : $48.00M : $53.00M- :
Prod. : 30,000e : 31,489 - : 38,229- : -40,750-
Sold- : 30,000e : 29,686 - : 38,902- : -40,750-
perOz: $1,000 - : $1,162 - : $1,250- :
Aver. : $1,096 - : $1,175 - : $1,260- : - $1,300E
Cost- : $XX.XXm : $20.33M : $26.45M : - $27.71M :
perOz:: $1,000 - : $ 0,685 - : $ 0,680- : $ 0,680E :
AftCosts: $XXxxM : $14.17M : $21.55M- : $25.29M-
Adjust- : $XXxxM : $02.58M: $03.25M- : $03.30M-
Ebitda : $XX.XXM : $11.59M: $18.30M- : $22.00M-
otherC: $XX.XXM : $13.92M: $14.44M- : $15.00M-
AdjNet: $XX.XM : $00.25M: $03.86Me : $07.00M-
Shs-OS: XX.XX M : 125.5m : 157.8mn : 252.9mn -
Per Sh.: ---------- : $ 0.002 : $ 0.03act : $ 0.028E
======
AvGLD : $105.4 - : $112.4 - : $120.0 - :
Ratio - : r-10.40 : r- 10.45 : r- 10.50 :
==========

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GCM set for a move higher?

 

GCM.t ... 10-yrs : 5-yrs : 2-yrs : 12mos : 6-mos / 10-d / U-1%:

gcm-5yr_zpsvrzkunan.gif

 

Could jump to the green line at -- C$0.30

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Gran Colombia Gold Provides Positive Updates on Senior Debt Reduction and Gold Production for August 2016
T.GCM | 2 days ago
.

TORONTO, ON--(Marketwired - September 06, 2016) - Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) announced today that the aggregate principal amounts of its Senior Unsecured Convertible Debentures due 2018 (the "2018 Debentures") and its Senior Secured Convertible Debentures due 2020 (the "2020 Debentures" and together the "Debentures") decreased by a total of US$12.3 million in the month of August 2016 through holders' elections to convert Debentures into common shares of the Company and through the Company's previously announced Normal Course Issuer Bids ("NCIBs") for the Debentures.

.

During the month of August 2016, holders converted a total of US$10.9 million aggregate principal amount of the 2018 Debentures into 83.7 million common shares of the Company. In addition, the Company used a total of US$1.1 million of its Excess Cash Flow that had been deposited into the sinking funds for the Debentures to repurchase, for cancellation, US$765,000 aggregate principal amount of its 2018 Debentures and US$635,817 aggregate principal amount of its 2020 Debentures at discounts to par value through the NCIBs for the Debentures.

 

As of today, the Company's issued and outstanding common shares and principal amounts of its Debentures are summarized as follows:

Common shares TSX: GCM 277,575,002

2018 Debentures TSX: GCM.DB.U US$49,763,337

2020 Debentures TSX: GCM.DB.V US$102,474,496

 

Production Update

The Company also announced today that it produced a total of 13,451 ounces of gold in the month of August 2016, bringing the total gold production for the first eight months of 2016 to 96,752 ounces. The Company remains on track with its gold production guidance for 2016 of a total of 135,000 to 145,000 ounces for the full year.


Read more at http://www.stockhouse.com/news/press-releases/2016/09/06/gran-colombia-gold-provides-positive-updates-on-senior-debt-reduction-and-gold#Bwd4rjDshz4cqRjm.99

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Too cheap ?

 

Gran Colombia Gold Announces Strategic Review Process

 

TORONTO, ON--(Marketwired - September 16, 2016) -

Gran Colombia Gold Corp. (the "Company") (GCM) (otc pink:TPRFF) announced today that, in light of current market conditions and the Company's improved operational and financial performance this year, it has engaged GMP Securities L.P. as its exclusive financial advisor to conduct a strategic review process that will explore alternatives to enhance shareholder value. The strategic review process will be broad and could include, but not be limited to, a strategic investment in the Company by a third party, a business combination with another entity, a recapitalization of the Company, a reduction of the principal outstanding under the Senior Secured Convertible Debentures due 2020, a sale of the Company, or some combination of the foregoing.

 

At present, there can be no assurance as to what, if any, strategic alternatives might be pursued by the Company. The Company does not intend to disclose further details with respect to its review of strategic alternatives unless and until the Board of Directors has approved a specific transaction or otherwise determines that further disclosure is warranted.

==

> http://www.marketwatch.com/story/gran-colombia-gold-announces-strategic-review-process-2016-09-16?siteid=bigcharts&dist=bigcharts

 

Translation: We think our stock price is too cheap

 

GCM.t ... 10-yrs : 5-yrs : 2-yrs : 12mos : 6-mos / 10-d / U-1%: V-6% : Updated, Last: C$0.125 at 9/19/2016

GCM-12mo_zpsivcijq1i.gif

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Production- : x 3 oz : CashC : AISC
July : 13,583 : 40,750 :
Q3- : 39,111 : 39,111 : $728. : $884.
Oct. : 13,088 :
Nov. : 12,973 :
Dec. : 14,797 :
============
Q4- : 40,858 : 40,858 : $730e : $900e
'16: 149,687 : +28%

 

==== : 2015-q4 : 2016-q1 : 2016-q2 : 2016-q3 : Q4 est. :

 

==== : 2015-q4 : 2016-q1 : 2016-q2 : 2016-q3 : Q4-16 est : Q1-17 est :
Revs : $XX.xxM : $34.47M : $48.01M : $51.22M- : $49.00M : $47.00M :
Prod. : 30,000e : 31,489 - : 38,229 - : -39,111 - : -40,850-: -40,000-:
Sold- : 30,000e : 29,686 - : 38,902 - : -39,017 - : -40,850-: -40,000-:
perOz: $1,000 - : $1,162 - : $1,250- : -$1,313 - :
Aver. : $1,096 - : $1,144 - : $1,216- : -$1,296 - : $1,200E : $1,200E :
Cost- : $XX.XXm : $20.33M : $26.45M : $28.47M : - $29.8 M : - $29.2 M :
perOz:: $1,000 - : $ 0,685- : $ 0,680- : $ 0,728- : $ 0,730E : $ 0,730E :
AftCost: $XX.xxM : $14.17M: $21.55M : $22.75M- : $19.20 M-
Adjust-: $XX xM : $02.58M: $03.25M : $03.04M- : $03.00M-
Ebitda : $XX.XM : $11.59M: $18.30M : $19.71M- : $16.20M :

otherC: $XX.XXM : $13.92M: $14.44M : $11.60M : $10.00Me :
Finance $XX.XXM: $09.13M: $08.03M : $07.82M : $06.00Me : $05.00Me :
otherC: $XX.XXM : $04.79M: 06.41M- : $03.78M : $04.00Me
AdjNet : $XX.XM : $0.25M : $3.86Me: $8.10M : $06.20M :
Shs-OS: XX.XX M : 125.5m : 157.8mn : 252.9mn : 255 mn
Per Sh.: ---------- : $ 0.002 : $ 0.03act : $0.03act : $ 0.024E

======

==== : 2015-q4 : 2016-q1 : 2016-q2 : 2016-q3 : Q4 est. :
==== : 2015-q4 : 2016-q1 : 2016-q2 : 2016-q2 : July x 3 :
AvGLD : $105.4 - : $112.4 - : -$120.0 - : -$120.0 - :
Ratio - : r-10.40 : r- 10.45 : r- 10.50 : r- 10.50 - :
AvGold : $
==========

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gcm_zpsufwuuj3i.png

 

With the jump in production in Dec 2017 :

" Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total of 14,797 ounces of gold in December 2016, its best monthly total to date, bringing the total gold production for the fourth quarter to 40,858 ounces, up 36% over the fourth quarter of 2015. For the full year, 2016's production of 149,687 ounces of gold, up 28% over 2015, surpassed its initial production guidance and established a new annual record for the Company. The Company expects to release its fourth quarter and full year 2016 financial results at the end of March 2017."

 

And firmer precious metals prices, the downtrend may be breaking

 

*Jan.10, 2017 report:

Gran-Colombia-Gold-Surpasses-Guidance-and-Sets-Record-in-2016-With-149687-Ounces

http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Gold-Surpasses-Guidance-and-Sets-Record-in-2016-With-149687-Ounces-of-Gold-Produced/default.aspx

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I hold bonds, both the 1%cv.Bonds and the 6%cv.Bonds.

 

They represent one of my largest positions

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