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

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Just reread the above and I realize of course they're risky lol.Just wondering why you've opted for bonds over equities.

 

This is the sort of stock I put a little bit of gambling profits in.

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Forgive my ignorance Doc,but are the equities to risky?

 

It is a question of seniority.

On the upside: the Equity has almost the same upside as the 1% Debs.

And maybe a better payoff than the 6% Debs.

 

But if the company has repayment issues, the 6% Debs are senior to to 1% Debs and the equity.

 

Do you understand?

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It is a question of seniority.

On the upside: the Equity has almost the same upside as the 1% Debs.

And maybe a better payoff than the 6% Debs.

 

But if the company has repayment issues, the 6% Debs are senior to to 1% Debs and the equity.

 

Do you understand?

Yeah,thanks for the clarification Doc.That's what I expected.I've always only traded equities as I understand the win/lose nature of the pricing structure.

 

I always assumed that the bonds had a lower return than the equities.

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"

I always assumed that the bonds had a lower return than the equities."

 

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 :

=======
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

 

Each 1% Bond is cv into 7,692 shares.

At C$0.10 that is C$769.2 x $0.759 = USD583 - they have been trading recently at US$0.6024 (x$100 = $602.4)

The 1% bonds mature in 2018, and are Junior to the 6% Bonds of 2020 in seniority

 

GCM.t has traded as high as C$0.16, and I sold some shares at C$0.145

At C$0.16 the value of the bonds was C$1,230.7 x $0.76 = USD935. But the high price for the bonds was only $86. ($860)

So for a while, the share-value of the bonds was more than the bonds. That is why I sold my GCM shares, and used

the money to buy more bonds.

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"

I always assumed that the bonds had a lower return than the equities."

 

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 :

=======

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

 

Each 1% Bond is cv into 7,692 shares.

At C$0.10 that is C$769.2 x $0.759 = USD583 - they have been trading recently at US$0.6024 (x$100 = $602.4)

The 1% bonds mature in 2018, and are Junior to the 6% Bonds in seniority

 

GCM.t has traded as high as C$0.16, and I sold some shares at C$0.145

At C$0.16 the value of the bonds was C$1,230.7 x $0.76 = USD935. But the high price for the bonds was only $86. ($860)

So for a while, the share-value of the bonds was more than the bonds. That is why I sold my GCM shares, and used

the money to buy bonds.

Thanks for sharing your insights Doc,it's a little above my head as I haven't really dealt with this before,but you offer an illuminating insight into the possibilities.

 

As a retail investor,I've learned to be careful respecting the limits of my knowledge and understanding within my wider risk profile.

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It is probably not as complicated as it looks initially...

But the two different currencies (USD and CAD) may make it look more complex

 

Let me give you comparison...

Assuming you have US$10,000 to invest, at 0.7535 : 1.327, that's CAD 13,270

 

You can buy:

Stock at C$0.105, 1%debs @62.5, 6%debs @ xx,

 

Type : -Amount- / Cost = Shares or Bonds

Stock :C$13,270 / 0.105 = 126,381 shs.

1%deb. $10,000 / $ 625 = 16 Bonds, $16,000 face

= higher of:

: At maturity ========= = ($190 + 6,230 shs, at C$0.105 = C$654 x 0.7535 = $493 : $683) x16 = $10,928 + 1% p.a.

: At maturity ========= = Value of 7,692 shares, at C$0.105 = C$808 x 0.7535 = $608.5 x 16 = $9,736

6%deb. $10,000 / 85.47 = 11.7 Bonds, $11,700 face

= higher of:

: At maturity ========= = ($11,700 ... plus 7.02% pa to XX/2020

: At maturity ========= = Value of 7,692 shares, at C$0.105 = C$808 x 0.7535 = $608.5 x 11.7 = $7,119

 

You can monitor this over the weeks and months to come, and see which does best,

and learn something from that comparison.

Obviously, if the shares shoot up, the 6% debs will under-perform, the shares and the 1% debs.

 

Here are some Valuations of the US$10,000 worth of Shares & Bonds at different levels - based on above

Values in the table are $C

 

GCM.t: #Shares= C$Val. : #Dbs: 1%-Db -sh-value : Shs./ 1% Debs -B-value: #Dbs: 1%-Db-sh-cnv.: 6% Db-B : Repaid=

=====: ==============: ================== : C$4.034+ ===========: ================ : ====== x C$1.327 :

$0.10 : 126.381:$12,638 : 16.0: 123,072: $12,307: 99,680: $9,969: $14,002: 11.7: 89,996: $9,000: $11,700: C$15,526

$0.125 126.381:$15,798 : 16.0: 123,072: $15,383: 99,680: 12,460: $16,494: 11.7: 89,996: 11,250: $11,700: C$15,526

$0.15 : 126.381:$18,957 : 16.0: 123,072: $18,461: 99,680: 14,954: $18,988: 11.7: 89,996: 13,500: $11,700: C$15,526

$0.20 : 126.381:$25,276 : 16.0: 123,072: $24,614: 99,680: 19,938: $23,972: 11.7: 89,996: 18,000: $11,700: C$15,526

$0.25 : 126.381:$31,595 : 16.0: 123,072: $30,768: 99,680: 24,923: $28,957: 11.7: 89,996: 22,500: $11,700: C$15,526

 

Below $0.125, the debs are clearly better, and they carry a yield while you are waiting

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Gran Columbia Gold - is the Seller done finally?... (At Last !)

 

C$0.11 : arrow_up_sm.gif +0.015 / Percent Change: +15.79% !!

Open: 0.10 / High: 0.11 / Low: 0.095 // Volume: 2,565,250 !

52 Week Range: C$0.075 to 0.16

 

GCM.t ... update

GCM_zps4fsjvmix.gif

 

Date------ : GCM.t : 7,692 : CAD$ : NotVal : 1% Deb. vol. : Db.O/S- Date : 6%Deb: Db.O/S- Date : TotDebt : Shs-OS : MktValue : Ent.Val. : Gold : OZ's
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
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
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 : 277.6m*: C$30.5M: $174.2M/ 1236= 140.9k

======

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Closed on Key resistance, at C$0.115 (thursday)

 

GCM-to_zpsc9ouqbag.png

 

(in edit - one day later - Friday close):

 

Looks like it will got thru resistance - as I bet it would : 10d-chart :

 

C$0.12 Change:arrow_up_sm.gif +0.005 : Percent Change:+4.35%

Open:0.115 / High:0.12 / Low:0.11

Volume: 2,268,169

 

2.27 million volume is not bad, since the average is about 1 million

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CONSOLIDATION (1:10) plans may be pressuring the stock price

 

"proposal to extend the maturity, on a voluntary basis, of its 2020 Debentures "

 

Gran Colombia Gold Announces 2017 Outlook and Proposals to Improve Capital Structure

March 06, 2017

TORONTO, ON --(Marketwired - March 06, 2017) - Gran Colombia Gold Corp.(TSX: GCM) announced today its outlook for 2017 along with two proposals aimed at improving its capital structure following the comprehensive debt restructuring completed last year.

/

2017 Outlook

As previously announced, Gran Colombia produced a total of 149,687 ounces of gold in 2016 driven by growth at its Segovia Operations. The Company started off 2017 with a total of 24,585 ounces of gold production in the first two months and expects to produce a total of 150,000 to 160,000 ounces of gold for the full year.

/

The Company's total cash cost and all-in sustaining cost ("AISC") averaged $699 and $832 per ounce sold, respectively, during the first nine months of 2016. Gran Colombia will be reporting its financial results for its 2016 fiscal year at the end of March and expects that its full year 2016 total cash cost and AISC will remain within guidance below $720 and about $850 per ounce sold, respectively. In 2017, the Company expects that its total cash cost will remain below $720 per ounce sold. The Company also expects that with an increased level of exploration spending at Segovia and the continuation of capital investment at its Segovia Operations, its AISC for the full year will remain below $900 per ounce.

In early February 2017, Gran Colombia completed the 10,000 meters drilling campaign it commenced at Segovia in May of last year. In the second half of 2016, the Company also completed a small underground drilling program to explore the extension of the current mineralization in the upper level of the existing Marmato mine. The Company expects to announce results of these drilling campaigns shortly. In 2017, Gran Colombia plans to execute a 20,000 meters drilling campaign to further its efforts to upgrade and extend its mineral resources at its Segovia Operations. Capital investment in 2017 at the Segovia Operations will continue to focus on ongoing mine development at its Providencia and El Silencio mines along with additional investments in mine infrastructure upgrades, ventilation, health, safety and environmental initiatives, mine equipment and expansion of tailings storage facilities.

/

In 2016, the Company repurchased and cancelled a total of $3.0 million aggregate principal amount of its 2018 and 2020 Debentures at a discount under the normal course issuer bids launched in July 2016. These transactions were funded by excess cash flow generated in the first nine months of 2016 and deposited into the sinking funds. The Company also used the increased cash flow generated by its operations in 2016 to honor its supplier payment programs, successfully restoring the aging of its accounts payable to normal terms by the end of 2016, and fully settled its overdue equity and wealth taxes which carried very high interest rates on the amounts in arrears. In 2017, provided gold prices remain at least at the current levels, the Company intends to generate excess cash flow equivalent to approximately 10% of the aggregate principal amount of its 2018 and 2020 Debentures currently issued and outstanding for deposit into the sinking funds in accordance with their respective indentures. Sinking fund balances may be used to fund open market repurchases of debentures for cancellation, redemptions at par or repayment at maturity.

/

Capital Structure Improvements

In September 2016, Gran Colombia announced it had engaged GMP Securities L.P. ("GMP") as its exclusive financial advisor to conduct a broad strategic review process to explore opportunities to enhance stakeholder value. During the course of this process, it became evident that even though Gran Colombia has strengthened operationally since the debt restructuring was completed in early 2016, the common shares have not performed at the same pace as its peers due to the extent of leverage within the Company's capital structure and the impact of the potential debt conversions on the total number of common shares outstanding on a fully diluted basis. In addition, at prevailing gold prices, the Company's future growth may be stalled while trying to balance ongoing capital investment needs with the requirement to set aside excess cash flow toward the repayment of the 2020 Debentures at maturity. As such, after consultation by Gran Colombia and GMP with several of its large stakeholders, the Company is announcing a proposal to extend the maturity, on a voluntary basis, of its 2020 Debentures and that it will seek shareholder approval in connection with such maturity extension and to consolidate its common shares in an effort to improve its future liquidity and capital structure to enhance shareholder value.

/

Extension of 2020 Debentures

Gran Colombia currently has an aggregate principal amount of US$101,160,085 of 2020 Debentures issued and outstanding pursuant to an Amended and Restated Indenture dated as of January 20, 2016 (the "Indenture"). Maturing on January 2, 2020, these debentures receive interest, paid on a monthly basis, at an annual rate of 6%.

Gran Colombia believes that by extending the maturity of some or all of its 2020 Debentures, the Company can strike a better balance in the next couple of years between capital investment and cash generation for senior debt retirement to enhance stakeholder value while at the same time using its excess cash flow to systematically reduce the issued and outstanding senior secured debt. The Company is seeking approval from holders of the 2020 Debentures to amend the Indenture through a consent solicitation process (the "Consent Solicitation") to provide an option for holders to extend the maturity date of the debentures to January 2, 2024 (the "Proposed Indenture Amendments"). The extended 2020 Debentures will carry largely the same terms and conditions as the other 2020 Debentures except that the maturity date will be extended and interest will be paid monthly over the remaining term of the extended 2020 Debentures at an annual rate of 8%.

/

The Company expects materials regarding the Consent Solicitation will be distributed to all holders of the 2020 Debentures on or about March 24, 2017. Holders will be asked to provide their consent to amend the Indenture through the Consent Solicitation process. The Company will also be seeking shareholder approval of the Proposed Indenture Amendments pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In order for the Company to proceed with the Proposed Indenture Amendments, the following are required: (i) consent from a simple majority of the aggregate principal amount of the issued and outstanding 2020 Debentures and (ii) approval by a simple majority of the votes validly cast by "minority" shareholders, present in person or by proxy at the shareholder meeting, being the shareholders of the Company other than any "related parties" in respect of the Proposed Indenture Amendments (as determined in accordance with MI 61-101) who hold 2020 Debentures and such other shareholders as are required to be excluded in determining such "minority" approval pursuant to MI 61-101.

 

The Consent Solicitation is expected to remain open until April 24, 2017, following which the Company will announce the results. Holders of 2020 Debentures will also have the opportunity during the Consent Solicitation process to elect to extend some or all of their 2020 Debentures, conditional upon the requisite consent from holders of 2020 Debentures, Shareholder approval being obtained and the Proposed Indenture Amendments being effected. The Consent Solicitation and the Proposed Indenture Amendments are subject to certain conditions and approvals including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals. Terms outlined herein may be amended as required to receive such approvals.

 

Share Consolidation

Gran Colombia has an authorized capital consisting of an unlimited number of common shares without par value and an unlimited number of Preferred Shares without par value, of which 306,755,502 common shares are currently issued and outstanding. In addition, a further approximately 1.1 billion common shares are issuable through the potential future exercise of the issued and outstanding convertible debentures due 2018, 2020 Debentures, stock options and warrants. This potentially large number of issued and outstanding common shares acts as a damper on the Company's stock price and could restrict the ability of the Company to raise equity in the future to fund its business activities. Accordingly, the Company is proposing to consolidate its issued and outstanding common shares on a ten-for-one basis (10:1) (the "Consolidation"), subject to the approval of the TSX and approval of Shareholders by way of special resolution. The Company believes that the benefits of the Consolidation include, among other things, that the anticipated higher share price resulting from the Consolidation may meet investing guidelines for certain institutional investors and investment funds that are prevented under such guidelines from investing in the common shares at current price levels. Also, a smaller number of common shares trading at a higher price makes the Company more attractive to potential investors, and could further enhance the value of the common shares held by current shareholders.

==

> more: http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Gold-Announces-2017-Outlook-and-Proposals-to-Improve-Capital-Structure/default.aspx

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Canada’s Gold Miner Taking Colombia To Court For $700 Million
Anna-Golubova.jpg
Anna Golubova Tuesday April 11, 2017 20:00

Canadian miner Gran Colombia Gold (TSE:GCM) has filed a $700 million lawsuit against Colombia under the Colombian-Canadian free trade agreement, the Financial Post reported.

 

Mining-Truck-sunset.jpg

 

The mining company is looking to get compensation after the South American nation forced it to suspend operations at the Marmato project until further consultations have been conducted with the locals.

Gran Colombia claims in its lawsuit that Colombia “failed to evict illegal miners from their sites of operations in Marmato and Segovia, and didn’t stop the Marxist armed guerrilla group, the ELN, from interfering with their efforts to extract gold in the province of Antioquia,” according to the media report, which noted that most of the suit’s details were confidential.

The company also allegedly said that the South American state did not maintain public order and did not help calm strikes and riots, which led to property damage.

Local residents are said to be against the miner’s plans to flatten a mountain and create an open pit mine.

Gran Colombia encountered many obstacles at the Marmato site, which was acquired in 2011, including unsuccessful attempts of removing illegal miners from the area. Illegal mining is fairly widespread in the country, and is estimated to be a US$2.5 billion industry, according to various online reports.

The site’s resources are estimated at around 14 million ounces of gold and almost 90 million ounces of silver, with additional 300 million tonnes of more potential mineralization discovered in 2012.

The Colombian government is also fighting lawsuits from other miners, including South African miner AngloGold Ashanti, which can’t obtain stable access to its La Colosa site that contains 33 million ounces of gold.

According to the law, Colombia’s Ministry of Commerce has six months to resolve the issue with the company. If it fails, the lawsuit gets sent to the Arbitration Committee of the World Bank.

==

> http://www.kitco.com/news/2017-04-11/Canada-s-Gold-Miner-Taking-Colombia-To-Court-For-700-Million.html

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Update of Segovia's High Grade Mineral Resources With a 174% Increase ...to 1.1 Million Ounces

April 19, 2017

 

 

Highlights of March 15, 2017 Mineral Resource Estimate

  • Total Measured & Indicated Resources increased to 2.9 million tonnes at a grade of 12.0 g/t totalling 1.1 million ounces of gold, up 174% compared to the Mineral Resource estimate as of December 31, 2016 (which reflected depletion of production for the period from September 2013, the date of the previous CIM Mineral Resource estimate, through the end of 2016). Infill drilling along with the ongoing validation work of the historical database and surveying of the underground mine workings have contributed to the increase in the Measured & Indicated categories of Segovia's Mineral Resource estimate.
  • The updated Mineral Resource estimate reaffirms the high grade nature of the gold deposits at Segovia with the grade of the Measured & Indicated Mineral Resources averaging 12.0 g/t. By comparison, the head grade of the material mined at Segovia averaged 13.8 g/t during the year ended December 31, 2016 and 13.7 g/t during the first quarter ended March 31, 2017.
  • The previous estimate reported all material at El Silencio as Inferred and the estimates were limited to Veta Manto material in lower areas of the mine, which were still flooded at that time. The upgrading of the El Silencio Mineral Resource below Mine Level 29 added 1.8 million tonnes at a grade of 11.4 g/t, representing 659,000 ounces of gold, from Inferred to the Indicated category in the updated Mineral Resource estimate. Mapping and surveying of historical workings together with ongoing validation work of the historical database by the Company's geology team has significantly increased the volume of material available for estimation in the upper levels of the mine, and within five additional known veins within the system.

== ==

 

First Quarter 2017 Production and Distribution of Materials for Debt Extension Proposal

April 11, 2017

 

- Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total of 39,008 ounces of gold in the first quarter of 2017, up 24% over the first quarter last year. With the trailing 12 months' total gold production as of the end of March 2017 increasing 5% over 2016's annual production to 157,227 ounces, the Company remains on track with its production guidance for the 2017 calendar year of a total of 150,000 to 160,000 ounces.

 

At the Segovia Operations, a 19% increase in tonnes processed and improved mill recovery were the key drivers behind a 26% year-over-year increase in its first quarter 2017 gold production to 32,768 ounces. With the trailing 12 months' total gold production as of the end of March 2017 at Segovia increasing 5% over its 2016 annual production to 133,030 ounces, the Company continues to expect that Segovia's gold production will fall within its production guidance range for the 2017 calendar year of 126,000 to 134,000 ounces.

At the Marmato Operations, gold production in the first quarter of 2017 was 6,240 ounces, up 14% over the first quarter last year, driven by a 20% year-over-year increase in tonnes processed and improved mill recovery. This brings Marmato's trailing 12 months' gold production at the end of March 2017 to 24,197 ounces, up 3% over its 2016 annual production and within its 2017 calendar year production guidance range of 24,000 to 26,000 ounces.

. . .

 

2020 Debenture Extension Proposal - Deadline May 11th

On April 7, 2017, the Company used funds available in the sinking fund for the 2020 Debentures (TSX: GCM.DB.V) to complete a block purchase at a discount under its normal course issuer bid of $450,000 aggregate principal amount of 2020 Debentures for cancellation. As of today's date, the aggregate principal amount of the 2020 Debentures issued and outstanding is $100,700,085.

. . .

... to amend the Amended and Restated Indenture dated as of January 20, 2016 through a consent solicitation process (the "Consent Solicitation"). The extended 2020 Debentures will carry largely the same terms and conditions as the other 2020 Debentures except that the maturity date will be extended and interest will be paid monthly over the remaining term of the extended 2020 Debentures at an annual rate of 8%. The Consent Solicitation will expire at 5:00 p.m. (Toronto time) on May 11, 2017, unless extended

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GCM "survives" the consolidation - as shares trade 9% higher

 

GCM.t : Last: $1.55 + 0.125 : +8.77% / after 1:15 consolidation

.10-yrs : 5-yrs : 2-yrs : 12mos : 6-mos / 10-d / U-1%: V-6%: Previous: C$0.095 at 4/26/2017 x15= C1.425

GCM_zpsfdg5qvkb.gif

 

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

 

Gran Colombia Gold Announces Trading of Its Common Shares on a Post-Consolidated Basis

Will Commence at Market Open on April 27, 2017

April 25, 2017

TORONTO, ON --(Marketwired - April 25, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that the consolidation of the Corporation's issued and outstanding common shares on a one post-consolidation share for every fifteen pre-consolidation shares (1:15) basis has been made effective and the common shares will commence trading on a post-consolidated basis on the Toronto Stock Exchange at market open on Thursday, April 27, 2017. The Company's name and trading symbols will remain unchanged.

 

As a result of the share consolidation, there are now approximately 20,450,401 common shares issued and outstanding on a post-consolidated basis, subject to rounding for fractional shares as no fractional shares will be issued. The number of post-consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5. The number of common shares on a post-consolidated basis underlying the issued and outstanding warrants of the Company and the exercise price thereof will be adjusted in accordance with the applicable warrant certificate and indenture. Similarly, the conversion prices of the Company's Senior Unsecured Convertible Debentures due 2018 (the "2018 Debentures") and Senior Secured Convertible Debentures due 2020 (the "2020 Debentures") will also be adjusted in accordance with the applicable indenture.

 

The following table summarizes the Company's capital structure following the share consolidation:

 

Security Issued and Outstanding Following the Share Consolidation

 

Common Shares (TSX: GCM) : 20,450,401 (subject to rounding for fractional shares)

 

2017 Warrants (Unlisted) Warrants to purchase 66,667 common shares, with each fifteen (15) warrants entitling the holder thereof to purchase one (1) whole common share, at an exercise price of $281.25 per common share expiring October 30, 2017

 

2019 Warrants (TSX: GCM.WT.A) Warrants to purchase 280,795 common shares, with each fifteen (15) warrants entitling the holder thereof to purchase one (1) whole common share, at an exercise price of $48.75 per common share expiring March 18, 2019

 

2018 Debentures (TSX: GCM.DB.U) US$45,970,216 principal amount convertible at a conversion price of US$1.95 into approximately 23,574,470 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2018

 

Debentures 2020 Debentures (TSX: GCM.DB.V) US$100,710,085 principal amount convertible at a conversion price of US$1.95 into approximately 51,646,197 common shares, representing a conversion rate of approximately 513 common shares for each US$1,000 principal amount of 2020 Debentures

 

Stock Options 1,931,333 Stock Options at an exercise price of $2.55 per common share expiring in 2021 and 2022 47,000 Stock Options at an exercise price of $27.60 per common share expiring in 2019

===========

 

Date------ : GCM.t : 7,692 : CAD$ : NotVal : 1% Deb. vol. : Db.O/S- Date : 6%Deb: Db.O/S- Date : TotDebt : Shs-OS : MktValue : Ent.Val. : Gold : OZ's
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
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
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 : 277.6m*: C$30.5M: $174.2M/ 1236= 140.9k

======

04/26/17 : $0.095 : 0,731 : 0.733 : 53.82 :
Date------ : GCM.t : 513sh : CAD$ : 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

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GCM Bullboard comments

 

posted April 27, 2017 06:58 pm by InternalAudit68
stars-mask-lightYellow.png
Although gold hasn't had much of a run up from the 1100 level, GCM's rock bottom was 7 cents and at 10 odd cents equivalent where it closed today, there's still a lot of upside potential, as you have described. Maybe not 1600% but at least a few bagger if held for a few years.

Like you and others have said, the merger a few years ago created what was thought of as a billion dollar company but due to bad timing and management, gold and silver notes had to be issued, since then replaced with these 2018 and 2020 debentures.

While debt is being slowly wiped out and production ongoing, equity value will only increase.
posted April 27, 2017 05:23 pm by ts9222
I considered Primero in the past but then saw that their silver stream took away a lot of the profit and they are left with not that high grade gold. They have to produce above a threshold of silver...read more
posted April 27, 2017 04:58 pm by Method

I hope you own more than one stock! rate and reply
posted April 27, 2017 04:48 pm by InternalAudit68

I was in Primero (P) before I moved to Tinka Resources (TK) and then thanks to Method, to GCM. Primero has taken a beating. I bought at 81 cents, sold at 75 cents one day after. It...read more
posted April 27, 2017 04:31 pm by PANTHERSunite
GCM seems like oneof the few Gold Stocks heading Higher with Gold price weaker. WHY IS THAT ?? When You take the Time to Research this Company you can find lots of Very Interesting...read more
posted April 27, 2017 02:15 pm by InternalAudit68
Google Finance has yet to adjust the shares outstanding. We are at 400 m market cap at the moment, haha. rate and reply
posted April 27, 2017 02:08 pm by Method
I'm with RBC DI. Had a warning that I don't own the security. I ignored it and it took a while to approve but my order is out there. It's higher up because at certain prices, I like to...read more
posted April 27, 2017 02:05 pm by ts9222
Is it only me or does the company look bigger now with the larger share price? No longer a penny stock that looked like it was on the venture exchange, but now a full company on the TSX With 16...read more
posted April 27, 2017 01:44 pm by InternalAudit68
I can't trade (not that I want to) GCM and I'm with RBC DI :) Maybe that's why there is no volume because a lot of retail investors are locked out of trading GCM though selling shares now...read more
posted April 27, 2017 01:33 pm by inse
Seems like we are off to the right start...sell orders have gone down, just need more buyers now...hopefully some of the institutions that have been watching GCM from a distance will step in and start...read more
posted April 27, 2017 12:38 pm by ggrellette
one way of getting the share count down and the share price up over a buck so Institutions can buy. 1 for 15 is steep but now maybe the time to buy. rate and reply
posted April 27, 2017 12:03 pm by prokopton
A few weeks ago, GCM executives were granted millions of options with an exercise price of $2.55. They start making good money at $4 or higher. rate and reply
==

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Gran Colombia Gold Receives Consent to Extend Maturity of US$47 Million of Senior Secured Convertible Debentures to 2024

May 12, 2017

TORONTO, ON --(Marketwired - May 12, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that its consent solicitation process (the "Consent Solicitation") concluded yesterday and holders of 77.4% of the total principal amount of the Company's issued and outstanding 2020 Debentures consented to the Company's proposal to amend the Amended and Restated Indenture dated as of January 20, 2016, as amended January 1, 2017, (the "Indenture") to provide holders the option to extend the maturity date of their 2020 Debentures to January 2, 2024 (the "Extended Debentures"). In addition, holders of a total of US$47.0 million of 2020 Debentures elected to extend their 2020 Debentures to 2024.

Commenting on the results of the Consent Solicitation, Serafino Iacono, Executive Co-Chairman of Gran Colombia said "we are very pleased with the strong support we have received from the holders of our 2020 Debentures in this process to improve our capital structure. As we move ahead, we will continue to execute our strategy and we remain committed to systematically reducing our issued and outstanding senior secured debt with our excess cash flow."

The Company expects to enter into a supplemental Indenture with its trustee shortly to implement the amendments described in the Consent Solicitation. It is also expected that the extension of the 2020 Debentures will be made effective May 31, 2017. Interest on the Extended Debentures will be paid monthly at an annual rate of 8% over the then remaining term of the Extended Debentures with the first full monthly interest payment to be paid on June 30, 2017.

The Company has received conditional listing approval from the Toronto Stock Exchange for the listing of Extended Debentures and it is anticipated that the Extended Debentures will be posted for trading under the symbol "GCM.DB.X", subject to satisfaction of the listing conditions.

=====

 

Bullboard comment:

"

very good news for gcm shareholders !!
That means much less Dilution and more time for the Company to pay back the debt ! And the goldprice will help for sure ! A goldprice over 2000 Dollar is just a matter of time ! My personal opinion is that gcm shoud have a Maximum of 50 Million Shares 2024 If the goldprice will explode it should work without Dilution . And the sky is the Limit for gcm !!

==

> http://www.stockhouse.com/companies/bullboard?symbol=t.gcm

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I expect that GCM will continue to "eat away" at the remaining 6% debs maturing in Jan. 2020, buying them at a discount to face.

 

New Capital Structure

Deb : F.M.: Amt O/S : Int. pa : Conversion--- :

1% : 2018 : $46.0M : $0,460k : $190+415.5shs : 19.1 M shs : +$8.74M cash to pay, 2018

6% : 2020 : $53.5M : $3,210k : 513 shares----- : 27.4 M shs

8% : 2024 : $47.0M : $3,760K : 513 shares----- : 24.1 M shs >> 51.5M shs (from debs, at $1,000/513 = $1.949

----------- : $146.5M : $7,430K :Total Conversion:

----------- : ------------------------ :Common Shares: 18.5M shs

----------- : ------------------------ :Common+1%deb: 37.5M shs x $1.50 = $56.3M, with $8.7M (2018) + $100.5M debt (2020-24)

 

Cash Flow

$15mn in surplus CF in 2017, after $9mn in interest payments?

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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
============
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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6/19 Price update
GCM.t-- : $1.47 x $0.7563 = $1.112 x 513 shs = US$570 : $190+415.5shs = US$652 conversion Value
1% debs : $62.00 : $46.0 M o/s : 39,000 vol
6% debs: $88.50 : $52.5 M o/s : 0 vol
redeem. : --------- : ($3.0 M o/s )
8% debs : $90.00 : $47.0 M o/s : 0 vol
======= : --------: $145.5 M x 513shs = 74.64mn shs + 20.5mn = 95.14mn - 1.54mn = 93.6mn x $1.112 = $104million MktCap

 

Gran Colombia Gold to Redeem Approximately 5.7% of 2020 Debentures on July 31, 2017;

Sets New Monthly Production Record

June 13, 2017

TORONTO, ON --(Marketwired - June 13, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that it will complete a partial redemption of its Senior Secured Convertible Debentures due 2020 (the "2020 Debentures") (TSX: GCM.DB.V) pursuant to the terms of the underlying amended and restated indenture.

 

Notice will be provided to holders that, on July 31, 2017, the Company will use its Excess Cash Flow accumulated through the first half of 2017 to complete a redemption of an aggregate principal amount of US$3,000,000 of the 2020 Debentures outstanding, applied on a pro-rata basis. With the current outstanding principal amount of US$52,471,786, holders of 2020 Debentures will receive payment based on a redemption price of approximately US$0.057 for each US$1.00 principal amount of 2020 Debentures. The redemption price will be increased to account for any conversion, or purchase by the Company, of any 2020 Debentures prior to July 31, 2017. No accrued interest is included in the redemption price as all accrued and unpaid interest on the 2020 Debentures (including those called for redemption) will be paid to holders on July 31, 2017. The redemption of US$3,000,000 principal amount represents a reduction of approximately 1,538,461 common shares potentially issuable through conversions of 2020 Debentures, equivalent to approximately 1.6% of total shares on a fully diluted basis (excluding stock options and warrants). Pursuant to the indenture, the partial redemption is not applicable to Senior Secured Convertible Debentures due 2024.

The 2020 Debentures trade in the book-based system of CDS Clearing and Depository Services Inc. and accordingly, holders need not take any action in order to receive their pro-rata redemption price.

Commenting on the redemption, Serafino Iacono, Executive Co-Chairman of Gran Colombia said, "The Company remains very focused on both short- and long-term return on strategic capital investments in our operations as well our commitment to generating excess cash flow from operations to systematically reduce our issued and outstanding senior secured debt. We are pleased to be in a position to redeem a portion of 2020 Debentures well in advance of maturity, saving both future interest costs for the Company and potential dilution to our shareholders through future conversions."

Production Update

Gran Colombia also announced today that it produced a total of 15,444 ounces of gold in the month of May, representing a new monthly record and bringing the total for the first five months of 2017 to 68,783 ounces, up 21% over the first five months last year. The trailing 12 months' total gold production as of the end of May 2017 now stands at 161,809 ounces, up 8% over 2016's annual gold production and above the Company's production guidance for the 2017 calendar year of a total of 150,000 to 160,000 ounces.

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Gold-to-Redeem-Approximately-57-of-2020-Debentures-on-July-31-2017-Sets-New-Monthly-Production-Record/default.aspx

 

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
============
Q4- : 40,858 : 40,858 : $730e : $900e
'16: 149,687 : +28%
J+F : 24,585 : 36,878 :
Mar. : 14,423 : 43,996 :
Q1- : 39,008 :
Apr. : 14,332 : 42,996 :
May : 15,444 : 46,332 :
====
JnEst 14,724

==========

Q2est 44,500: +14.1% (5,492 oz) over Q1 / x$1200= $6.6mn more revenues, if 30% npat => $2.0M increase in profits?? wow!

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Estimating Q2-2017 EARNINGS

 

==== : 2016-q1 : 2016-q2 : 2016-q3 : 2016-q4 : 2017-q1 : 2017-q2 :
Revs : $34.47M : $48.01M : $51.22M- : $49.00M : $45.72M : $52.80Me
Prod. : 31,489 - : 38,229 - : -39,111 - : -40,850- : -39,008- : -44,500e :
Sold- : 29,686 - : 38,902 - : -39,017 - : -40,850- : -38,434- : -44,000e :
perOz: $1,162 - : $1,250- : -$1,313 - : -$1,200 - : -$1,174 - :
Aver. : $1,144 - : $1,216- : -$1,296 - : $1,200E : $1,200E :
Cost- : $20.33M : $26.45M : $28.47M : - $29.8 M : -$29.2 M : -$32.1Me:
perOz:: $ 0,685- : $ 0,680- : $ 0,728- : $ 0,730E : $ 0,748- : $ 0,730E :
AftCost: $14.17M: $21.55M : $22.75M : $19.20 M : $16.50 M: $20.70 M :
Adjust-: $02.58M: $03.25M : $03.04M : $03.00 M : $02.90M-: $03.00M- :
Ebitda : $11.59M: $18.30M : $19.71M : $16.20 M : $13.59M : $17.70e :
OtherC: $13.92M: $14.44M : $11.60M : $10.00Me : $10.51M : $10.50Me :
Finance $09.13M: $08.03M : $07.82M : $ 6.00Me : $ 5.50Me : $ 5.00Me :
othNet : $04.79M: 06.41 M- : $ 3.78 M : $ 4.00Me : $ 5.00Me : $ 5.50Me :
AdjNet :: $0.25M : $3.86Me : $ 8.10 M : $ 6.20Me : $ 3.08 M : $ 7.20Me :
ExcessCF: $ 23 : ----------- : ----------- : ------------ : $ 2,276 : $ 5.00Me:
Shs-OS: 125.5m : 157.8mn : 252.9mn : 255 mn : 200 mn : 20.5 Mn :
Per Sh.: $ 0.002 : $ 0.03act: $0.03act : $ 0.024 E : ( 0.040 ) : $ 0.35 + :
FullyD - : ---------- : ----------- : ----------- : ----------- : 95.1 Mne: 93.6 Mne:
Per Sh. : ---------- : ----------- : ----------- : ----------- : $ 0.032 :: $ 0.077 :
SrDebt : ---------- : ----------- : ----------- : ----------- : $100.0M : $98.5 M:
7%/ 4Q : ---------- : ----------- : ----------- : ----------- : $ 1,750 : $ 1,724 :


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GranColumbia Gold versus Gold stocks

 

 

GCM.t vs GDX vs MNT.t ... update : GCM vs GDX // GDX : same period : 1-yr :

 

6p0iVTI.gif

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Gran Columbian Gold is beginning to outperform Gold & other Gold-related shares

 

GCM.t vs. etc ... update

6L3v1SH.gif

 

GCM bonds and some shares now represent one of my largest positions

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Stock & News - UPDATE

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

V3jIhhc.gif

 

Gran Colombia Gold Announces TSX Approval of Normal Course Issuer Bid for Its 2020 Debentures

July 19, 2017

TORONTO, ON --(Marketwired - July 19, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that the Company will be continuing the normal course issuer bid ("NCIB") for its Senior Secured Convertible Debentures due 2020 (the "2020 Debentures"). The 2020 Debentures currently trade on the TSX under the trading symbol GCM.DB.V.

.

The Company has received approval from the Toronto Stock Exchange (the "TSX") to continue its NCIB for another 12-month term, commencing July 21, 2017 and have it remain open until the earlier of July 20, 2018 or the date on which the Company has purchased the maximum amount permitted. Under the terms of the NCIB the Company will have the right to purchase for cancellation up to a maximum of US$5,246,278 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 2020 Debentures issued and outstanding as of July 12, 2017, determined in accordance with the applicable rules of the TSX. As of the date hereof, the aggregate principal amount issued and outstanding 2020 Debentures is US$52,462,786.

.

Management of the Company will determine the actual number of 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$12,570 principal amount of 2020 Debentures, other than block purchase exceptions.

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Gold-Announces-TSX-Approval-of-Normal-Course-Issuer-Bid-for-Its-2020-Debentures/default.aspx

6/19 Price update

===
GCM.t-- : $1.47 x $0.7563 = $1.112 x 513 shs = US$570 : $190+415.5shs = US$652 conversion Value
1% debs : $62.00 : $46.0 M o/s : 39,000 vol
6% debs: $88.50 : $52.5 M o/s : 0 vol
redeem. : --------- : ($3.0 M o/s )
8% debs : $90.00 : $47.0 M o/s : 0 vol
======= : --------: $145.5 M x 513shs = 74.64mn shs + 20.5mn = 95.14mn - 1.54mn = 93.6mn x $1.112 = $104million MktCap

Gran Colombia Steadily Improving Gold Production With a 22% Increase in the First Half of 2017 to a Total of 85,083 Ounces
July 12, 2017

TORONTO, ON --(Marketwired - July 12, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that it produced a total of 16,258 ounces of gold in the month of June, surpassing the monthly production record set last month and bringing the total for the second quarter of 2017 to 46,075 ounces, up 21% over the second quarter last year. For the first half of 2017, gold production increased by 22% over the first half last year to a total of 85,083 ounces. The trailing 12 months' total gold production as of the end of June 2017 now stands at 165,073 ounces, up 10% over 2016's annual gold production and above the Company's production guidance for the 2017 calendar year of a total of 150,000 to 160,000 ounces.

.

Commenting on the mid-year 2017 production update, Serafino Iacono, Executive Co-Chairman of Gran Colombia, said, "We are very pleased with the steady improvement in our gold production this year which is paving the way for us to execute our capital programs, keep our working capital in good shape and continue to aggressively reduce our senior debt."

At the Segovia Operations, tonnes processed averaged 842 tpd in the second quarter of 2017, a 9% increase over the second quarter last year. In addition, head grades in the Company-operated mining areas improved to an average of 11.3 g/t in the second quarter of 2017, up from an average of 4.4 g/t in the second quarter last year, as a result of mining higher grade stopes in the Providencia mine this year. This brought the overall head grade for the Segovia Operations to an average of 15.9 g/t in the second quarter of 2017 compared with 13.8 g/t in the second quarter last year. Segovia's gold production of 14,243 ounces in the month of June, also a new monthly record, brought the total for the first half of 2017 to 72,996 ounces, up 26% over the same period last year. The trailing 12 months' total gold production as of the end of June 2017 at Segovia was 141,374 ounces, up 12% over 2016's annual gold production and above the Company's production guidance range for the 2017 calendar year at Segovia of 126,000 to 134,000 ounces.

At the Marmato Operations, gold production continued to be steady with 2,015 ounces produced in the month of June, bringing the total for the first half of 2017 to 12,087 ounces, up 2% over the same period last year. This brings Marmato's trailing 12 months' gold production at the end of June 2017 to 23,699 ounces, up 1% over its 2016 annual production. The Company expects Marmato's annual gold production for 2017 will range between 24,000 and 26,000 ounces.

==

> http://www.grancolombiagold.com/news-and-investors/press-releases/press-release-details/2017/Gran-Colombia-Steadily-Improving-Gold-Production-With-a-22-Increase-in-the-First-Half-of-2017-to-a-Total-of-85083-Ounces/default.aspx

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For those looking at the Company, here's the most recent Presentation

 

(June)

> http://s21.q4cdn.com/834539576/files/doc_presentations/GranColombia_05.pdf

 

UNDERVALUED Compared to Junior Peers

Measure ---- : GCM : Peers :
Price-to-NAV : 0.1 X : 0.7 X :
Price-to-CFPS : 0.5 X : 7.5 X :
EV-to-EBITDA : 2.1 X : 6.8 X :
EV /Production: $1048: $3548 :

 

+ UNDERVALUED Producer - relative to Junior Peers
+ Increasing production: guidance for 2017 is 150-160,000 oz.
+ Disciplined Cash Costs: stedaily decreased since 2013
+ Upside & Optionality - highgrade at Segovia, size of Marmato,
together they position the company with a bright future

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Estimated vs. Actual Q2-2017 EARNINGS

Est.
==== : 2016-q1 : 2016-q2 : 2016-q3 : 2016-q4 : 2017-q1 : 2017-q2 :
Revs : $34.47M : $48.01M : $51.22M- : $49.00M : $45.72M : $52.80Me
Prod. : 31,489 - : 38,229 - : -39,111 - : -40,850- : -39,008- : -44,500e :
. . .
Ebitda : $11.59M: $18.30M : $19.71M : $16.20 M : $13.59M : $17.70e :
OtherC: $13.92M: $14.44M : $11.60M : $10.00Me : $10.51M : $10.50Me :
Finance $09.13M: $08.03M : $07.82M : $ 6.00Me : $ 5.50Me : $ 5.00Me :
othNet : $04.79M: 06.41 M- : $ 3.78 M : $ 4.00Me : $ 5.00Me : $ 5.50Me :
AdjNet :: $0.25M : $3.86Me : $ 8.10 M : $ 6.20Me : $ 3.08 M : $ 7.20Me :

Act.
==== : 2016-q1 : 2016-q2 : 2016-q3 : 2016-q4 : 2017-q1 : 2017-q2 :
Revs : $34.47M : $48.01M : $51.22M- : $49.00M : $45.72M : $55.97M :
Prod. : 31,489 - : 38,229 - : -39,111 - : -40,850- : -39,008- : -46,075 :
Sold- : 29,686 - : 38,902 - : -39,017 - : -40,850- : -38,434- : -45,179 :
perOz: $1,162 - : $1,250- : -$1,313 - : -$1,200 - : -$1,174 - :
Aver. : $1,144 - : $1,216- : -$1,296 - : $1,190 - : $1,240 - :
Cost- : $20.33M : $26.45M : $28.47M : - $29.8 M : -$29.2 M : -$35.63M :
perOz:: $ 0,685- : $ 0,680- : $ 0,728- : $ 0,730E : $ 0,748- : $ 0,676E :
AftCost: $14.17M: $21.55M : $22.75M : $19.20 M : $16.50 M: $25.46 M :
Adjust-: $02.58M: $03.25M : $03.04M : $03.00 M : $02.90M-: $04.16M- :
Ebitda : $11.59M: $18.30M : $19.71M : $16.20 M : $13.59M : $21.30M :
OtherC: $13.92M: $14.44M : $11.60M : $10.00Me : $10.51M : $10.50Me :
Finance $09.13M: $08.03M : $07.82M : $ 6.00Me : $ 5.50Me : $ 5.00Me :

ProvTx : ----------- ------------ : ----------- : ------------ : ----------- : $ ?????? :
othNet : $04.79M: 06.41 M- : $ 3.78 M : $ 4.00Me : $ 5.00Me : $ 7.02M :
AdjNet :: $0.25M : $3.86Me : $ 8.10 M : $ 6.20Me : $ 3.08 M : $ 4.10M :
ExcessCF: $ 23 : ----------- : ----------- : ------------ : $ 2,276 : $ 3.20M:

 

========

Debs OS: 12/31/16 : 06/30/17 : +change :
2018-1% : $ 49,744 : $ 45,970 :
2020-6% : $101,160 : $ 52,463 :
2024-8% : $000,000 : $ 46,955 :
Total------: $150,904 : $145,388 :( 5,516) :
BkValue :
2018-1% : $023,375 : $ 27,255 :
2020-6% : $061,227 : $ 34,496 :
2024-8% : $000,000 : $ 28,858 :
Total------: $084,602 : $ 90,609 :
Differ.......: $066,302 : $

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