Business
Gran Colombia Gold revises the terms of its normal course issuer bid for its senior unsecured silver-linked notes
TORONTO, Sept. 7, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM, GCM.WT, GCM.WT.A, GCM.NT.U...
About this update from Aris Mining Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Sept. 7, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM,\n GCM.WT, GCM.WT.A, GCM.NT.U) announced today that it has filed a revised\n Notice of Intention to commence a normal course issuer bid with the\n Toronto Stock Exchange (the \"TSX\") for its senior unsecured silver-linked notes (the \"Notes\").  Under the terms of the revised bid, which is subject to acceptance\n by the TSX and the other restrictions previously disclosed on August\n 25, 2011, the Company will purchase Notes on the open market at any\n price in accordance with the terms of the indenture governing the Notes\n (the \"Revised Bid\").\n\n\nToday the Company commenced the Revised Bid by repurchasing US$461,000\n aggregate principal amount of Notes.  The Company is funding the\n repurchase of the Notes with the proceeds from the sale of its silver\n production in order to capitalize on the current high market prices for\n silver.  Given the principal amount of each Note is linked to the US$\n financial equivalent of 66.7 ounces of silver based on US$15 per ounce,\n buying back the Notes using the proceeds from the Company's silver\n production at spot prices of approximately US$41 per ounce allows the\n Company to substantially reduce its cost of borrowing by monetizing its\n silver inventories and future production.\n\n\nAbout Gran Colombia Gold Corp.\n\n\nGran Colombia is a Canadian-based gold and silver exploration,\n development and production company with its primary focus in Colombia. \n Gran Colombia is currently the largest underground gold and silver\n producer in Colombia with six underground mines in operation.  In\n addition, Gran Colombia is also developing a large-scale, open-pit gold\n and silver mine at Marmato.  The Company also has a highly-prospective\n land position in Colombia as well as an advanced stage property in\n Venezuela and earlier stage properties in Mali.\n\n\nAdditional information on Gran Colombia can be found on its website at\n www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.\n\n\n\nCautionary Statement on Forward-Looking Information:\n\n\nThis news release contains \"forward-looking information\", which may\n include, but is not limited to, statements with respect to the future\n financial or operating performance of the Company and its project...