Gran Colombia finishes the Gold X Mining takeover

Gran Colombia Gold Corp. \[GCM-TSX; TPRFF-OTCQX\] has acquired all of the issued and outstanding common stock of Gold X Mining Corp. \[GLDX-TSXV; GLDXF-OTCQX\], which were not already owned by Gran Colombia, were closed by a statutory plan of arrangement. The arrangement took effect on June 4, 2021 at 12:01 p.m. Pacific time. As a result, Gold X became a direct wholly owned subsidiary of Gran Colombia and Gran Colombia gained control of the Toroparu Gold Project in Guyana, South America. Serafino Iacono, Executive Chairman of Gran Colombia, commented, "With the completion of the Gold X acquisition today, we have created a new mid-sized Latin American gold producer with a complementary asset portfolio, including the world class Segovia operation in Colombia, which has free cash flow and the large, high-growth, significantly lower risk Toroparu Gold Project in Guyana, on a combined basis for Segovia and Toroparu, the total measured and indicated gold resources now total 8,778,000 ounces (256.5 million tonnes grading 1.06) g / t gold) and we have an additional 4,359,000 ounces of gold in the inferred category (132.6 million tonnes grading 1.02 g / t gold). "Over the next several months, we will refine our development options at Toroparu, including an update of the resource estimate for the Toroparu Project to incorporate the new geological model and project optimization that includes the discovery of continuous high-grade gold-bearing structures extending at least three kilometers on strike and extend at least 450 meters in depth as recently announced by Gold X. "With approximately US $ 6 million in cash held by Gold X upon completion of this acquisition, this next phase of project evaluation, which will result in an updated preliminary economic assessment for Toroparu, is fully funded. We look forward to this next chapter and create value for our shareholders through our diversified growth platform focused on these two cornerstones and our equity positions in Aris Gold and Denarius. " Under the Agreement, each holder of Gold-X shares is entitled to receive 0.6948 of one common share of Gran Colombia for each Gold-X share held immediately prior to the Effective Date. As of today, the company now has 98,287,088 common shares issued and outstanding, and a total of approximately 132.1 million common shares at full dilution. With Gold X now a wholly owned subsidiary of Gran Colombia, Gran Colombia intends to discontinue listing of Gold X shares on the TSX Venture Exchange. Prior to the completion of the Arrangement, Gran Colombia owned or controlled, directly or indirectly, 9,571,158 Gold X Shares, representing approximately 15% of the Gold X Shares issued and outstanding prior to the Completion of the Arrangement. In Colombia, the company is the largest underground gold and silver producer with several operating mines on the high-grade Segovia operation. In Guyana, the company is advancing the Toroparu Project, one of the largest undeveloped gold projects on the American continent.