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Gran Colombia Gold Announces Details of June 2015 Interest Payments on Senior Debt, Sale of Refinery and Factoring Loan Repayment
TORONTO , June 8, 2015 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, OTC: TPRFF) announced ...
About this update from Aris Mining Corp
[{"type":"text","content":"\n\nTORONTO, June 8, 2015 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, OTC: TPRFF) announced today the details of the interest payments it will make on June 30, 2015 on its Senior Secured Gold-Linked Notes due 2017 and its Senior Unsecured Silver-Linked Notes due 2018.\n\nGold Note holders of record as of June 19, 2015 will receive approximately US$8.77 per US$1,000 face value of the notes, leaving a balance of interest in arrears after the June payment of US$17.26 (approximately two months) per US$1,000 face value of the Gold Notes. Silver Note holders of record as of June 19, 2015 will receive approximately US$4.38 per US$1,000 face value of the notes which will be applied against the interest in arrears from December 31, 2014, leaving a balance of US$4.66 per US$1,000 face value of Silver Notes after the June payment. These payment amounts are derived based on a 32-day period from May 30, 2015 through June 30, 2015, inclusive.\n\nThe interest payments are being made by the Company while we continue work on a comprehensive plan moving forward. The Company is continuing to work closely with its financial advisor, GMP Securities L.P. and continues discussions with Gold and Silver note holders. The Company will not make the semi-annual interest payment due June 30, 2015 on its Silver Notes but will continue to make monthly interest payments toward all amounts in arrears until a comprehensive plan is in place. \n\nThe Company also announced today that on May 29, 2015 it completed the sale of its 60% interest in the CIIGSA refinery operation in Medellin for total cash consideration of approximately US$0.8 million, as further discussed in the Company's first quarter 2015 financial statements and MD&A. \n\nIn addition, the Company has received a portion of its VAT refund claims in Colombia and has now repaid all amounts due under the US$2.4 million factoring loan completed on March 3, 2015, as further outlined in the Company's first quarter 2015 MD&A. The proceeds of this loan were used to pay outstanding supplier withholding tax remittances due to the Colombian tax authority and allowed the Company to file all pending VAT refund claims up to December 31, 2014.\n\nAbout Gran Colombia Gold Corp.\n\nGran Colombia is a Canadian-based gold and silver exploration, development and production company with its primary focus in Colombi...