TORONTO, June 30, 2020 (GLOBE NEWSWIRE) — Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today that it has acquired 7,000,000 common shares of Caldas Gold Corp. (“Caldas Gold”) in a non-brokered private placement at a price of CA$2.00 per share for a total investment of CA$14,000,000 (the “Private Placement”). The proceeds of the Private Placement will be used by Caldas Gold on July 2, 2020 to complete the acquisition of South American Resources Corp. (“SARC”). SARC has completed the acquisition of certain mining assets in Northeastern Ontario, including a 100% interest in the Juby Project and a 25% joint venture interest in certain claims adjoining the Juby Project. The common shares acquired by Gran Colombia are subject to a four-month hold period expiring on October 31, 2020.
The Juby Project is an advanced exploration-stage gold project located approximately 15 km west-southwest of the town of Gowganda and 100 km south-southeast of the Timmins gold camp within the Shining Tree area in the southern part of the Abitibi greenstone belt. Over 14,000 acres are controlled through the patented claims of the Juby Project covering 10 km strike length on the mineralized trend.
Prior to the completion of Private Placement, Gran Colombia owned, directly or indirectly, or exercised control or direction over, 37,547,100 common shares and 7,500,000 share purchase warrants of Caldas Gold (the “Warrants”), with each Warrant entitling Gran Colombia to acquire one common share of Caldas Gold. The 37,547,100 common shares represented approximately 74.4% of the total number of issued and outstanding common shares of Caldas Gold prior to the Private Placement and if all of the Warrants were exercised, Gran Colombia would have owned, directly or indirectly, or exercised control or direction over, 45,047,100 common shares, or approximately 77.7% of the total number of issued and outstanding common shares of Caldas Gold on a partially diluted basis prior to the Private Placement.
After the completion of the Private Placement, Gran Colombia now owns, directly or indirectly, or exercises control or direction over, 44,547,100 common shares of Caldas Gold, representing approximately 77.5% of the total number of issued and outstanding common shares, resulting in a 3.1% change to Gran Colombia’s holdings of common shares of Caldas Gold. If all of the Warrants were exercised, Gran Colombia would own, directly or indirectly, or exercise control or direction over, 52,047,100 common shares, or approximately 80.1% of the total number of issued and outstanding Common Shares, resulting in an increase of 2.4% to Gran Colombia’s holdings of common shares of Caldas Gold on a partially diluted basis after the completion of the Private Placement.
In connection with the acquisition of SARC, Caldas Gold will issue 20,000,000 common shares (the “Consideration Shares”) to current shareholders of SARC and will have funded SARC’s acquisition of the Juby Project and adjoining claims. Certain shareholders of SARC have entered into voluntary lock-up agreements with Caldas Gold pursuant to which such security holders, holding approximately 87% of the Consideration Shares, have agreed to voluntarily lock-up their Consideration Shares for a period of two years from the closing date of the Transaction. No insiders of Caldas Gold or Gran Colombia will receive any of the Consideration Shares. Following the acquisition of SARC, Gran Colombia will have a 57.5% equity interest in the issued and outstanding shares of Caldas Gold.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia owns approximately 77% of Caldas Gold Corp., a Canadian mining company currently advancing a prefeasibility study for a major expansion and modernization of its underground mining operations at its Marmato Project in Colombia. Gran Colombia’s project pipeline includes its Zancudo Project in Colombia together with an approximately 21% equity interest in Gold X Mining Corp. (TSXV: GLDX) (Guyana – Toroparu) and an approximately 20% equity interest in Western Atlas Resources Inc. (“Western Atlas”) (TSX-V: WA) (Nunavut – Meadowbank).
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 anticipated business plans or strategies. 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. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Annual Information Form dated as of March 30, 2020 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Gran Colombia disclaims, 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.
For Further Information, Contact:
Chief Financial Officer
Africa's Biggest Investment Takes Shape Under Islamist Threat – BNN
(Bloomberg) — Dozens of soldiers clutching AK-47s and grenade launchers watch over roaring bulldozers on the white sand beach that meets a tropical turquoise sea. They’re guarding Africa’s biggest investment: a $23 billion project to export Mozambique’s natural gas from an area increasingly besieged by an Islamist insurgency.
Companies led by Total SA will pump the gas from wells about 40 kilometers (25 miles) offshore, cool it to temperatures below minus 260 degrees Fahrenheit so that it turns to liquid, then ship it to electricity plants from France to China. The consortium is about to finalize almost $16 billion in project financing — another record for the continent.
“The work is immense,” said Ronan Bescond, the 44-year-old French chemical engineer who Total chose to lead the project after a career of nearly two decades at the company. “The first cargo of LNG must be in 2024. And we are on the right track,” he said to a handful of reporters in a prefabricated room at the site 32 kilometers south of the Rovuma River that marks the border with Tanzania.
The obstacles facing a project that’s expected to transform the impoverished southeast African nation are huge.
To achieve the target of first production for an undertaking worth billions of dollars more than Mozambique’s entire economy, developers need to move thousands of tons of equipment through territory thick with Islamic State-aligned insurgents. At one stage, a Covid-19 outbreak saw the Total site accounting for three in four of the country’s confirmed infections. All this as natural-gas prices plunged to near 25-year lows.
Militants who first pledged allegiance to IS in 2018 have carried out increasingly brazen attacks this year.
Last week, they raided Mocimboa da Praia for a third time, and occupied the town for as long as three days. It’s a crucial supply hub just 60 kilometers south of the project site and the closest port.
As many as nine workers for Total subcontractors Fenix Construction Services Lda died in the attack, Jasmine Opperman, an African analyst at Wisconsin-based Armed Conflict Location & Event Data Project, said in a Twitter post. The company didn’t answer seven calls and two emails seeking comment.
Before the gas discoveries and insurgency, the remote coastline was more famous for luxury tropical island resorts. Last month, one of the nearby hotels offered a discount price of $19,820 a night to hire out an island as a refuge from the coronavirus.
The private military company that Mozambique hired in April to provide air support to government troops in the form of helicopters fitted with machine guns has struggled to quell the violence. Lionel Dyck, the founder of Dyck Advisory Group, the firm the government employed, declined to comment when contacted by mobile phone.
Governments including South Africa, the U.S. and Portugal have indicated willingness to help fight the insurgency.
“The insurgency is a challenge but we’re happy that our defense and security forces have been playing their role,” Max Tonela, Mozambique’s energy and natural resources minister, told reporters during the June 19 site visit. “We all as Mozambicans must fight against this evil that comes from external attacks.”
About 1,300 people have died in the violence, with a further 220,000 displaced since the first attack three years ago, which also took place at Mocimboa da Praia.
For the second time, IS referred directly to the projects in a weekly newsletter this month. The group said that it would be “delusional” to think that the government could protect the investments, and warned other countries against getting involved.
The marginalization of young men in a region that’s predominantly Muslim and 1,900 kilometers away from the capital, Maputo, has helped lead to radicalization that’s fueled the insurgency, according to researchers including Saide Habibe at the Maputo-based Institute of Social and Economic Studies who have studied the origins of the fighters.
Total’s project will hire 14,000 people at peak construction, of which at least 5,000 will be Mozambican and many from the region, Bescond said at the briefing, wearing a surgical mask, as all visitors to the site must do to prevent another outbreak of the coronavirus.
The financial rewards are worth the cost to the government of the soldiers patrolling the vast compound and snipers on its perimeter fence — Total’s estimate is $50 billion in direct and indirect revenue over 25 years for the $15 billion economy.
©2020 Bloomberg L.P.
Fincasa Announces Global Online Investment Summit "Next Generation Visionaries" – Canada NewsWire
It will be live streaming via major social media channels, organized in association with Strategic Swiss Partners (SSP), Switzerland and JW-Prime Management Consultancy, Philippines.
Fincasa Ventures is a promising global venture capital led by Founder and Group CEO Varis Sayed, Entrepreneur, Co-Founder and Mentor for various companies globally – from start-ups to private equity. He is specializing in cross border international businesses and investments.
Fincasa Ventures recent investment announcement:
Varis Sayed affirmed that he has invested 50 million USD in MediSponsor.Inc – USA incorporated company, which offers easy-to-use XAAS-based innovative yet Integrated Healthcare Cloud CRM Solution along with Payment Gateway.
MediSponsor is a camel of health-tech industry for investors. It will bring value proposition on COVID-19 Pandemic through its Visual Analytics technology as well as impact in healthcare service delivery. Fincasa invites global investors for second round of funding to align Phase II R&D plans.
Varis Sayed informed that Rahul Pawar, Founder & CEO of MediSponsor, was appointed as Advisory – Head Global Start-up Hub in Fincasa Ventures to shortlist start-ups across the globe for investments. Due to his ideation and solution architecting capabilities Varis Sayed is calling Rahul Pawar as Steve Jobs from India and supports his vision for MediSponsor – from Navi Mumbai to NASDAQ.
Recent investment by Fincasa would enable MediSponsor to capitalize and position a company in the healthcare sector of Africa, Middle East, South America & South Asia through care model innovation and digital market transformation.
MediSponsor leadership team includes “A perfect blend of Healthcare & Management domain” – co-founders Dr. Roshan Patil and Dr. Nilesh Patil from the Indian Institutes of Management, which is ranked among the best globally for its various management programs.
MediSponsor Head Quarters in Dubai, UAE gives the company a world-class business environment for speedy growth. Fincasa investment along with strategic partnership will help MediSponsor to achieve its vision of being the most valued brand in Healthcare Technology.
SOURCE Fincasa Ventures
For further information: Anastasia Svyrediuk, [email protected]
After investing billions in project, Kenney marks start of Keystone XL construction in Alberta – CBC.ca
Alberta Premier Jason Kenney marked the start of construction of the Keystone XL pipeline in the province on Friday, in the small town of Oyen.
“We are here at long last, kicking off construction of the Alberta spread of the Keystone XL project,” said Kenney. “We’re finally getting it done.”
The 1,947-kilometre project will be able to carry 830,000 barrels of crude oil per day from Hardisty, Alta., to Steele City, Neb., where it will connect with TC Energy’s existing facilities and eventually reach refineries on the Gulf Coast.
About 270 kilometres of the line will be within Alberta.
Work is already underway in three U.S. states.
Controversy in U.S.
The pipeline has been beset by controversy for at least a decade, facing protests and legal challenges. It was twice rejected under the presidency of Barack Obama. It received approval under Donald Trump, but a looming election south of the border could change that.
Democratic candidate Joe Biden has said he would cancel that permit if elected.
The Alberta government has bet on the project moving forward and has invested $1.5 billion, while also putting forward a $6-billion loan guarantee.
Kenney said at the time of the investment that there was too much risk, scaring away private investors from the $8 billion project.
“I’ve always been skeptical about government intervention in the market, but our failure to get pipelines built has been a failure of government policy and politics, not of markets,” Kenney told reporters after making the announcement at the end of March.
Selling the pipeline
On Friday, Kenney said his government would not rest until the full project is built and will work hard to pitch the benefits of the project to officials in the U.S.
“We will be reaching out, as we already have… to members of [Biden’s] party, many of whom support the project,” Kenney said, citing both lawmakers and unions.
He said the investment by his government helped get the project moving and is a “conscious risk” to create “facts on the ground” that could force the hand of any U.S. administration in overturning a project that is already partially constructed.
TC Energy says it anticipates the pipeline will be operational in 2023.
RE-OPENING CANADA: Toronto's real estate industry wants to boom again – Toronto Sun
Oil pares weekly gain amid virus fears, signs of tighter supply – BNNBloomberg.ca
Two-thirds of Canadians support closing businesses again if COVID-19 cases spike: survey – CTV News
Iran anticipates renewed protests amid social media shutdown
Silver investment demand jumped 12% in 2019 – report – MINING.com
Richmond BBQ spot speaks out about coronavirus rumours Vancouver Is Awesome
- Economy1 hour ago
German economy minister sees economic recovery from October – TheChronicleHerald.ca
- Art1 hour ago
Sudbury art crawl highlights local artists and downtown businesses – The Sudbury Star
- Health12 mins ago
No new cases of COVID-19 in Manitoba for 4th straight day – CBC.ca
- Health1 hour ago
Some experts are concerned about a coming influenza and COVID-19 collision – CTV News Montreal
- Economy15 mins ago
Croatia holds election amid sharp economic downturn, rising coronavirus infections – The Guardian
- Media9 mins ago
Virus Pushes Singapore Politicians Into Social Media Square Off – BNN
- Science1 hour ago
'Canada, Canada, Cana…da': Researchers Spot Change To White-Throated Sparrow's Song – NPR
- Real eState1 hour ago
Real estate sales, house prices rising in Central Okanagan – Globalnews.ca