Gran Colombia Gold announces intention to make a normal course issuer bid for its senior unsecured silver-linked notes

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[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 25, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,\n GCM.WT, GCM.WT.A, GCM.NT.U) announced today that it has filed a Notice\n of Intention to commence a normal course issuer bid with the Toronto\n Stock Exchange (the \"TSX\") for its senior unsecured silver-linked notes (the \"Notes\").  Under the terms of the bid, which is subject to acceptance by the\n TSX, the Company will have the right to purchase for cancellation up to\n a maximum of US$7,672,500 aggregate principal amount of Notes through\n the facilities of the TSX.  This amount represents approximately 10% of\n the public float of the Notes issued and outstanding as of August 24,\n 2011, determined in accordance with the applicable rules of the TSX. \n There are US$80 million aggregate principal amount of Notes issued and\n outstanding as of the date hereof.  Management of the Company will\n determine the actual number of Notes that may be purchased and the\n timing of any such purchases, subject to compliance with applicable TSX\n rules.  Daily purchases will be limited to $1,000 principal amount of\n Notes, other than block purchase exceptions.  Under the block purchase\n exception, the Company may make one block purchase per calendar week to\n purchase a minimum of US$50,000 principal amount of Notes to a maximum\n of US$7,672,500 once per week.  Purchases made pursuant to the bid will\n be made in the open market through the facilities of the TSX and the\n price that the Company will pay for any such Notes will be the market\n price at the time of the acquisition.  The Company will not purchase\n Notes when the market price per Note exceeds US$100.\n\n\nThe Company is proposing to commence the bid on August 29, 2011, and have it remain open until the earlier of August 28, 2012\n or the date on which the Company has purchased the maximum number of\n Notes permitted under the bid.  The Company has not purchased any Notes\n during the previous year pursuant to any issuer bid.\n\n\nThe Company intends to make the bid because it believes: (i) that the\n Notes may be undervalued from time to time in relation to its current\n and future business prospects; and (ii) that Notes may become available\n during the period of the bid at prices that would make the purchase of\n such Notes for cancellation an ...

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