Business
Gran Colombia files preliminary prospectus for equity offering
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About this update from Aris Mining Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nTORONTO, Nov. 19, 2013 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM) (\"Gran Colombia\" or the \"Company\") announced today the filing of a preliminary short form prospectus in\n all of the provinces of Canada, except Quebec, in connection with a\n \"best efforts\" offering of a minimum of $7,000,000 up to a maximum of\n $15,000,000 of units (the \"Units\") of Gran Colombia (the \"Offering\") at a price per Unit to be determined in the context of the market. \n GMP Securities L.P. (the \"Agent\") will act as the lead agent in respect of the Offering. Certain\n current shareholders and principals of the Company have indicated that\n they intend to purchase a minimum of $5,000,000 of Units of the total\n Offering.\n\n\nEach Unit will consist of one common share in the capital of the Company\n (each, a \"Common Share\") and one-half of one common share purchase warrant (each whole common\n share purchase warrant, a \"Warrant\").  Each Warrant will entitle the holder thereof to purchase one Common\n Share at a price to be agreed upon between the Agent and the Company.\n Warrants will expire five years following the closing of the Offering\n (the \"Closing Date\").  The Warrants will be subject to an accelerated expiration date in\n certain circumstances, as more particularly described in the\n preliminary short form prospectus.\n\n\nThe Agent will also have the option to purchase from the Company\n additional Units up to a number equal to 15 percent of the Units issued\n under the Offering during the 30 day period immediately following the\n Closing Date.\n\n\nThe Company intends to use a portion of the net proceeds of the Offering\n to support working capital initiatives in the Company's Segovia\n project, including funding required to implement additional costs\n savings initiatives. The balance of the net proceeds will be used to\n maintain the financial flexibility of the Company including the funding\n of efforts to improve operating cash flow, grow production and expand\n its resources at the Segovia project..\n\n\nClosing of the Offering is subject to certain conditions including, but\n not limited to, the execution of a definitive agency agreement with the\n Agent, receipt of all necessary regulatory ...