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Gran Colombia Gold files preliminary prospectus for equity offering

Bnamericas Published: Wednesday, November 20, 2013

Toronto-based miner Gran Colombia Gold (TSX: GCM) has filed a preliminary prospectus for an equity offering, the company announced in a statement.

The offering entails a minimum of 7mn up to a maximum of 15mn units of Gran Colombia at a price per unit to be determined in the context of the market. Each unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant.

Certain current shareholders and principals of the company have indicated that they intend to purchase a minimum of 5mn units of the total offering.

Gran Colombia Gold intends to use a portion of the net proceeds of the offering to support working capital initiatives in its Segovia operations, in Colombia's Antioquia department, including funding required to implement additional costs saving initiatives.

The balance of the net proceeds will be used to maintain the financial flexibility of the company, grow production and expand its resources at the Segovia project.

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