GOLD: Eric Sprott slashes stake in Gran Colombia

TORONTO – Eric Sprott is continuing to sell off his holdings in Toronto-based Gran Colombia Gold, the largest underground gold and silver producer in […]
TORONTO - Eric Sprott is continuing to sell off his holdings in Toronto-based Gran Colombia Gold, the largest underground gold and silver producer in Colombia from its Segovia and Marmato operations. In an early warning report filed on Tuesday evening, it was revealed that the Canadian investor has sold approximately 4.3 million common shares of Gran Colombia, representing 7% of those outstanding. The shares were sold at an average price of $6.5 per share for total consideration of just over $28.2 million. The latest transaction follows a smaller sale made by Sprott at the end of July, when he sold 200,000 shares at $7.08 per share for total consideration of approximately $1.4 million. Sprott originally acquired his position in Gran Colombia beginning late last year, when he purchased more than 3.3 million units at $4.60 per unit in a $15-million private placement. Each unit was made up of one share and one  warrant. He then boosted his position in February, when he acquired a further 3.6 million units of the company, with each unit priced at $5.6, and containing one share and one warrant. The warrants had a three-year expiry and an exercise price of $6.5 per share. At the close of this financing, Sprott owned 11.2% of the company on a non-diluted basis and 20.2% on a partially diluted basis. Following his recent share sales, Sprott has now reduced his stake in the company to just 0.2% on a non-diluted basis and 10.1% on a partially diluted basis with 100,000 shares and 6.8 million warrants held. Gran Colombia’s stock plummeted 7.2% to $6.12 a share by midday Wednesday following news of Sprott’s divestment. The company’s current market capitalization stands at approximately $375 million.
This story originally appeared on www.Mining.com

Comments

Your email address will not be published. Required fields are marked *

Aug 12 2021 - Aug 13 2021
Aug 17 2021 - Aug 18 2021
Aug 25 2021 - Aug 26 2021
Sep 07 2021 - Sep 09 2021