TORONTO, Sept. 27, 2011 /CNW/ - Gran Colombia Gold Corp. (TSX: GCM)
announced today that it has filed a Notice of Intention to commence a
normal course issuer bid with the Toronto Stock Exchange for its common
shares listed on the TSX (the "Common Shares"). Under the terms of the bid, which is subject to acceptance by the
TSX, the Company will have the right to purchase for cancellation up to
a maximum of 37,993,493 Common Shares through the facilities of the
TSX. This amount represents approximately 10% of the public float of
the Common Shares issued and outstanding as of September 23, 2011,
determined in accordance with the applicable rules of the TSX. There
were 389,686,757 Common Shares issued and outstanding as of September
23, 2011. Management of the Company will determine the actual number
of Common Shares that may be purchased and the timing of any such
purchases, subject to compliance with applicable TSX rules. Daily
purchases will be limited to 188,842 Common Shares, other than block
purchase exceptions. Purchases made pursuant to the bid will be made
in the open market through the facilities of the TSX and the price that
the Company will pay for any such Common Shares will be the market
price at the time of the acquisition.
The Company is proposing to commence the bid on September 30, 2011, and
have it remain open until the earlier of September 29, 2012 or the date
on which the Company has purchased the maximum number of Common Shares
permitted under the bid. The Company has not purchased any Common
Shares during the previous year pursuant to any issuer bid.
The Company intends to make the bid because it believes: (i) that the
Common Shares may be undervalued from time to time in relation to its
current and future business prospects; and (ii) that Common Shares may
become available during the period of the bid at prices that would make
the purchase of such Common Shares for cancellation an appropriate use
of available funds and in the best interests of the Company and its
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration,
development and production company with its primary focus in Colombia.
Gran Colombia is currently the largest underground gold and silver
producer in Colombia with six underground mines in operation. In
addition, Gran Colombia is also developing a large-scale, open-pit gold
and silver mine at Marmato. The Company also has a highly-prospective
land position in Colombia as well as an advanced stage property in
Venezuela and earlier stage properties in Mali.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-Looking Information:
This news release contains "forward-looking information", which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
believes" or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Gran Colombia to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and Gran
Colombia disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management's
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.
SOURCE Gran Colombia Gold Corp.
For further information:
(416) 360 4653