Mid-tier mining company GCM Mining announced today that it has subscribed for $35 million of senior unsecured convertible notes.
According to the company, this is to pay part of the purchase price to acquire a 20 percent interest in the Soto Norte gold project in Colombia. The next monthly dividend is scheduled to be paid to shareholders on April 18.
GCM is primarily engaged in the construction and operation of mines in Latin America and has been one of Canada’s successful mid-tier gold and silver producers for many years.
Gold and silver producer with proven track record
GCM is a mid-tier mining company based in Canada, primarily engaged in the construction and operation of gold and silver mines in Latin America. The company currently operates two main projects in Colombia and Guyana, the Segovia Operations and the Torparu Project.
In Colombia, GCM has even become the leading producer of gold and silver with the Segovia Operations. GCM has a proven track record and is a more than interesting company for investors.
GCM’s shares are listed on the Toronto Stock Exchange and OTCQX. GCM regularly pays a dividend to its shareholders. The company plans to pay its next monthly dividend of $0.015 Canadian on April 18.
Segovia Operations and Torparu – a successful and a promising project
In the Segovia Operations area of Colombia, GCM operates several underground mines where gold and silver are mined and produced. In 2021, the Canadian mining company was able to produce a total of 206000 ounces of gold there, making it the leading company in Colombia in the production of high-grade underground gold.
In the last 100 years, more than 6 million ounces of gold have already been mined in Segovia. GCM has been the operator of the mines for 11 years and has produced more than 1.5 million ounces of gold there during that time.
The Segovia operations cover a terrain of approximately 9000 hectares of land in the Segovia-Remedios mining area in Colombia.
The Toroparu project is located in Guyana. There, GCM is currently advancing the already fully financed project to start gold production on schedule in 2024.
Toroparu is considered one of the largest undeveloped gold and copper projects in all of the Americas. Starting in 2024, Torparu is expected to produce more than 200000 ounces of gold per year.
With the now subscribed convertible bond in the amount of US$35 million, the company intends to finance part of its 20 percent interest in the Soto Norte gold project in Colombia, thus continuing its expansion.