Gran Colombia Gold Announces TSX Approval of Normal Course Issuer Bid for Its 2020 Debentures

July 19, 2017

TORONTO, ON --(Marketwired - July 19, 2017) - Gran Colombia Gold Corp. (TSX: GCM) announced today that the Company will be continuing the normal course issuer bid ("NCIB") for its Senior Secured Convertible Debentures due 2020 (the "2020 Debentures"). The 2020 Debentures currently trade on the TSX under the trading symbol GCM.DB.V.

The Company has received approval from the Toronto Stock Exchange (the "TSX") to continue its NCIB for another 12-month term, commencing July 21, 2017 and have it remain open until the earlier of July 20, 2018 or the date on which the Company has purchased the maximum amount permitted. Under the terms of the NCIB the Company will have the right to purchase for cancellation up to a maximum of US$5,246,278 aggregate principal amount of 2020 Debentures through the facilities of the TSX or alternative Canadian trading systems. This amount represents approximately 10% of the public float of the 2020 Debentures issued and outstanding as of July 12, 2017, determined in accordance with the applicable rules of the TSX. As of the date hereof, the aggregate principal amount issued and outstanding 2020 Debentures is US$52,462,786.

Management of the Company will determine the actual number of 2020 Debentures that may be purchased and the timing of any such purchases, subject to compliance with applicable TSX rules. Daily purchases will be limited to US$12,570 principal amount of 2020 Debentures, other than block purchase exceptions. Purchases made pursuant to the NCIB will be made on the open market through the facilities of the TSX or other designated exchanges and published markets in Canada, and the price that the Company will pay for any such 2020 Debentures will be the market price at the time of the acquisition. The Company will not purchase 2020 Debentures when the market price per US$100 aggregate principal amount of 2020 Debentures exceeds US$100.

The Company is making the NCIB as part of its strategy to aggressively reduce its 2020 Debentures to reduce ongoing interest costs and dilution from the potential conversion of the 2020 Debentures. The Company is using the excess free cash allocated to the sinking fund for the NCIB and for redemptions of the 2020 Debentures prior to maturity. In 2016, the Company sought and obtained approval to purchase a maximum of US$9,629,597 principal amount of 2020 Debentures under its previous NCIB, which expires on July 20, 2017. During the previous 12 months the Company purchased US$3,875,648 principal amount of 2020 Debentures through the facilities of the TSX at a weighted average price paid of US$83.09 per US$100 principal amount. In accordance with the indenture, the Company is entitled, and intends to continue, to use amounts in the sinking fund for further purchases of 2020 Debentures through the NCIB. As previously announced, the Company will also complete a partial redemption at par of US$3,000,000 principal amount of its 2020 Debentures on July 31, 2017 as part of its debt reduction strategy.

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 in the midst of an expansion and modernization project 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, statements with respect to the NCIB. 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, 2017, 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, 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

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

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