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Caldas Gold Corp
Symbol CGC
Shares Issued 99,800,162
Close 2020-11-23 C$ 2.18
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Globe says veteran mining players buy control of Caldas

2020-11-24 08:20 ET - In the News

Also In the News (C-G) Goldcorp Inc (2)
Also In the News (C-YRI) Yamana Gold Inc

The Globe and Mail reports in its Tuesday edition that veteran Canadian mining investors are joining forces to purchase an obscure junior Columbian gold company. The Globe's Tim Kiladze and Niall McGee write that the group of buyers includes former Goldcorp chairman Ian Telfer, former Goldcorp chief executive officer David Garofalo, current Yamana Gold executive chairman Peter Marrone and mining financier Frank Giustra. Together, the group will buy $38-million in new shares of Toronto-based Caldas Gold as part of an $85-million private placement, and they will also assume operational control. After the financing Caldas will be renamed Aris Gold and Mr. Telfer will become its board chairman. Neil Woodyer, the former CEO of Leagold Mining and Endeavour Mining, will serve as CEO, while Mr. Marrone and Mr. Garofalo will both sit on the board. Mr. Giustra will be a special adviser. Because the financing constitutes a change of control, Caldas's top four executives will be paid a juicy $8.8-million (U.S.) in cash severance. CEO Serafino Iacono, who has run the gold producer for nine months, will earn a $4.04-million (U.S.) severance package, while president Lombardo Paredes will earn $2.32-million (U.S.).

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