Gran Colombia Gold Corp. Completes $6.6 Million Private Placement Offering of Subscription Receipts

December 20, 2019

Gran Colombia Gold Corp. (“Gran Colombia”) completed a private placement offering of subscription receipts of Caldas Finance Corp. for aggregate gross proceeds of approximately $6.6 million on December 19, 2019 (the “Offering”). The Offering was completed in connection with Gran Colombia’s proposed spin-off of its Marmato Mining Assets in a reverse takeover transaction with Bluenose Gold Corp. (to be renamed “Caldas Gold Corp.”), which is expected to close in the new year (the “RTO”). In connection with the RTO, Gran Colombia also intends to complete with Caldas Finance Corp. a concurrent non-brokered private placement offering for aggregate gross proceeds of up to $15 million (the “Concurrent Private Placement”).

The net proceeds of the Offering and Concurrent Private Placement are intended to be used by Caldas Gold Corp. to fund technical work at Marmato, including the preparation of a prefeasibility study, and further exploration drilling, as well as for general corporate purposes.

Scotia Capital Inc. acted as lead agent and sole bookrunner in respect of the Offering, together with a syndicate of agents that included Red Cloud Securities.

Wildeboer Dellelce LLP acted for Gran Colombia and Caldas Finance Corp. in connection with the Offering with a team comprised of Perry Dellelce, James Brown, Peter Volk, Julie Anderson, Patricia Good and Sarim Ali (corporate/securities).