Gran Colombia Gold Corp. Completes Spin-Off of Marmato Mining Assets

February 27, 2020

Gran Colombia Gold Corp. on February 24, 2020 completed the previously announced spin-off of its Marmato Mining Assets in a reverse takeover transaction involving Bluenose Gold Corp. and its wholly-owned subsidiary, Caldas Finance Corp. (the “RTO”). In connection with the closing of the RTO, Bluenose acquired the Marmato Mining Assets and changed its name to Caldas Gold Corp. Caldas Gold Corp. will commence trading on the TSX Venture Exchange on Friday, February 28, 2020 under the symbol “CGC” and will be listed as a Tier 1 Mining Issuer.

In advance of closing the RTO, Gran Colombia completed a non-brokered private placement offering with Caldas Finance for aggregate gross proceeds of $15 million. The proceeds of approximately $21.6 million from the non-brokered offering and a brokered private placement offering of subscription receipts of Caldas Finance which closed on December 19, 2019 are expected to be used to fund technical work at Marmato, including the preparation of a prefeasibility study, and further exploration drilling, as well as for general corporate purposes.

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