22:05:36 EST Sun 28 Nov 2021
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or Name

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Gran Colombia Gold Corp (4)
Symbol GCM
Shares Issued 98,485,775
Close 2021-10-14 C$ 5.04
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Gran Colombia to buy back up to 9.57 million shares

2021-10-15 09:12 ET - News Release

Mr. Mike Davies reports


Gran Colombia Gold Corp. will pay its next monthly dividend of 1.5 cents per common share on Nov. 15, 2021, to shareholders of record as of the close of business on Oct. 29, 2021.

Renewal of normal course issuer bid

Gran Colombia has filed with the Toronto Stock Exchange and the TSX has accepted a notice of intention to make a normal course issuer bid for its common shares trading under the symbol GCM. The NCIB will allow the company to purchase for cancellation up to 9,570,540 shares of the company over a 12-month period, representing 10 per cent of the current issued and outstanding shares in the public float as of Oct. 6, 2021. As at Oct. 6, 2021, the company had a total of 98,485,775 shares issued and outstanding.

The NCIB will commence on Oct. 20, 2021, and terminate on Oct. 19, 2022, or such earlier date on which purchases under the NCIB have been completed. Purchases of shares under the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems at the market price of the shares at the time of acquisition. The average daily trading volume of the shares for the six months ended Sept. 30, 2021, was 345,204 shares. Daily purchases will be limited to 86,301 shares, other than block purchase exceptions. Shares purchased under the NCIB will be cancelled. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the company sought and received approval from the TSX to purchase up to 5,934,811 shares, the company purchased 1,536,100 shares for cancellation through the facilities of the TSX at a volume-weighted average trading price of $5.93 per share during the period from Sept. 4, 2020, to Sept. 3, 2021.

Gran Colombia has entered into an automatic share purchase plan with a broker in connection with the NCIB to allow for the purchase of shares during certain predetermined blackout periods. Outside of these predetermined blackout periods, shares will be purchased at the discretion of senior management of Gran Colombia.

Gran Colombia believes that the shares may, from time to time, trade in a price range that does not adequately reflect the value of the shares in relation to its activities and future prospects. Accordingly, the board of directors of Gran Colombia has determined that the repurchase of shares pursuant to the NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of the company's shareholders.

About Gran Colombia Gold Corp.

Gran Colombia is a mid-tier gold producer with a proven record of mine building and operating in Latin America. In Colombia, the company is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia operations. In Guyana, the company is advancing the Toroparu project, one of the largest undeveloped gold projects in the Americas. Gran Colombia also owns an approximately 44-per-cent equity interest in Aris Gold Corp. (Colombia -- Marmato), an approximately 27-per-cent equity interest in Denarius Silver Corp. (Spain -- Lomero-Poyatos; Colombia -- Guia Antigua and Zancudo) and an approximately 26-per-cent equity interest in Western Atlas Resources Inc. (Nunavut -- Meadowbank).

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