By Devika Patel
Knoxville, Tenn., Aug. 23 - Gran Colombia Gold Corp. said it completed a C$275 million private placement of subscription receipts via agent GMP Securities LP.
The company sold 687.5 million receipts at C$0.40 apiece.
Each receipt was automatically converted into one unit of a common share and one half-share warrant. Each warrant will be exercisable at C$0.65 for five years.
The gold exploration, development and mining company is based in Toronto. It is the result of a reverse takeover of Gran Colombia Gold, SA by Tapestry Resource Corp. The new company's shares are scheduled to begin trading Tuesday.
| Issuer: | Gran Colombia Gold Corp.
|
| Issue: | Subscription receipts converted into units of a common share and one half-share warrant
|
| Amount: | C$275 million
|
| Receipts: | 687.5 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.65
|
| Agent: | GMP Securities LP
|
| Settlement date: | Aug. 23
|
| Stock symbol: | TSX Venture: GCM
|
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