Gran Colombia Gold Announces Completion Of Debt Restructuring

January 20, 2016

TORONTO, ON --(Marketwired - January 20, 2016) - Gran Colombia Gold Corp. (TSX: GCM) (OTC PINK: TPRFF) is pleased to announce that today it has completed the previously announced comprehensive debt restructuring, implemented pursuant to a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement").

The new 2018 Debentures and 2020 Debentures will be listed for trading on January 22, 2016, under the trading symbols GCM.DB.U and GCM.DB.V, respectively. The first interest payment on both debentures will be made on February 29, 2016. 2018 Debenture holders will receive approximately US$1.09 per US$1,000 principal amount of debentures. 2020 Debenture holders will receive approximately US$6.58 per US$1,000 principal amount of debentures. These payment amounts represent accrued interest payable from January 20, 2016 to February 28, 2016, inclusive.

The Company has issued additional common shares to certain holders of Gold Notes and Silver Notes who have, as provided for in the Arrangement, elected to receive common shares in exchange for US$150,000 principal amount of Gold Notes and US$10,960,000 principal amount of Silver Notes, plus all corresponding accrued and unpaid interest and applicable restructuring fees. As of completion of the Arrangement, the capital structure of the Company is as follows:

Security   Issued and Outstanding
Common Shares   113,568,310
2018 Debentures   US$71,168,174 (convertible into 547,447,492 common shares)
2020 Debentures   US$103,992,350 (convertible into 799,812,752 common shares)
2017 Warrants   Warrants to purchase 1,000,000 common shares at an exercise price of CA$18.75 expiring October 30, 2017
2019 Warrants   Warrants to purchase 4,211,918 common shares at an exercise price of CA$3.25 expiring March 18, 2019
Options   Options to purchase 896,936 common shares at exercise prices between CA$1.84 and CA$55.00 expiring between January 27, 2016 and July 21, 2019

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 several underground mines in operation at its Segovia and Marmato Operations. Gran Colombia is currently advancing a project to develop a modern, large-scale, gold and silver mine at its Segovia operations.

Additional information on Gran Colombia can be found on its website at and by reviewing its profile on SEDAR at

Cautionary Statement on Forward-Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, payments on debentures and expected timing for listing of the debentures.. 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 31, 2015, which is available for view on SEDAR at 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, Please Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653


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Head Office
401 Bay Street, Suite 2400, PO Box 15
Toronto, ON M5H 2Y4
Telephone: (416) 360-4653
Fax: (416) 603-4653

Colombia Operations Office
Calle 4 Sur No 43A-195 Centro Ejecutivo, oficina 230B Medellin, Colombia
Telephone: +57(4) 448 5220

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