RE:13's just got hammered by profit taking, support at 0.11bobbyChrome wrote:
Company is essentially worthless now with the debentures. Maybe good for a dead cat, but she's as good as dead
The following is taken from the company Jan 20, 2016 NR...... Scroll down to see the conversion of these debentures really brings the O/S shares into a ridiculous level..... 1.35
Billion shares extra on top of current 250M shares?!
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Gran Colombia completes debt restructuring
2016-01-20 16:13 MT - News Release
Mr. Mike Davies reports
GRAN COLOMBIA GOLD ANNOUNCES COMPLETION OF DEBT RESTRUCTURING
Gran Colombia Gold Corp. has completed the previously announced comprehensive debt restructuring, implemented pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
The new 2018 debentures and 2020 debentures will be listed for trading on Jan. 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 Feb. 29, 2016. Two thousand eighteen debentureholders will receive approximately $1.09 (U.S.) per $1,000 (U.S.) principal amount of debentures. Two thousand twenty debentureholders will receive approximately $6.58 (U.S.) per $1,000 (U.S.) principal amount of debentures. These payment amounts represent accrued interest payable from Jan. 20, 2016, to Feb. 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 $150,000 (U.S.) principal amount of gold notes and $10.96-million (U.S.) 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 shown in the attached table.
Security Issued and outstanding Common shares 113,568,310 2018 $71,168,174 (U.S.) (convertible into 547,447,492 common shares) debentures 2020 $103,992,350 (U.S.) (convertible into 799,812,752 common shares) debentures 2017 warrants Warrants to purchase one million common shares at an exercise price of $18.75 expiring Oct. 30, 2017 2019 warrants Warrants to purchase 4,211,918 common shares at an exercise price of $3.25 expiring March 18, 2019 Options Options to purchase 896,936 common shares at exercise prices between $1.84 and $55 expiring between Jan. 27, 2016, and July 21, 2019
We seek Safe Harbor.
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