{"id":1202520,"date":"2020-08-19T12:35:43","date_gmt":"2020-08-19T17:35:43","guid":{"rendered":"https:\/\/www.mining.com\/?p=1033162"},"modified":"2020-08-19T12:35:43","modified_gmt":"2020-08-19T17:35:43","slug":"eric-sprott-slashes-stake-in-gran-colombia","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1202520","title":{"rendered":"Eric Sprott slashes stake in Gran Colombia"},"content":{"rendered":"<p>Eric Sprott is continuing to sell off his holdings in Toronto-based mining firm Gran Colombia Gold (TSX: GCM), currently the largest underground gold and silver producer in Colombia from its Segovia and Marmato operations.<\/p>\n<p><a href=\"https:\/\/www.newsfilecorp.com\/release\/62079\/Eric-Sprott-Announces-Holdings-in-Gran-Colombia-Gold-Corp.\"  rel=\"noreferrer noopener\">In an early warning report<\/a> filed on Tuesday evening, it was revealed that the Canadian investor has sold approximately 4.33 million common shares of Gran Colombia, representing 7% of those outstanding. The shares were sold at an average price of C$6.50 per share for total consideration of just over C$28.21 million.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Sprott originally acquired his position in Gran Colombia beginning late last year<\/p>\n<\/blockquote>\n<\/figure>\n<p>The latest transaction follows a smaller sale made by Sprott at the end of July, when he sold 200,000 common shares at C$7.08 per share for total consideration of approximately C$1.41 million.<\/p>\n<p>Sprott originally acquired his position in Gran Colombia <a href=\"http:\/\/www.grancolombiagold.com\/news-and-investors\/press-releases\/press-release-details\/2019\/Gran-Colombia-Gold-Announces-Closing-of-C15-Million-Strategic-Investment-by-Eric-Sprott\/default.aspx\"  rel=\"noreferrer noopener\">beginning late last year<\/a> when he purchased more than 3.26 million units at C$4.60 per unit in a C$15 million private placement. Each unit comprised one common share and one common share purchase warrant, with an expiry of four years and a conversion price of C$5.40 per share.<\/p>\n<p>He then <a href=\"http:\/\/www.grancolombiagold.com\/news-and-investors\/press-releases\/press-release-details\/2020\/Gran-Colombia-Gold-Announces-Closing-of-CA40-Million-Private-Placement-Eric-Sprott-Increases-Investment-to-Approximately-11-Gran-Colombia-Announces-It-Will-Redeem-30-of-Its-2024-Gold-Notes-on-March-31-2020\/default.aspx\"  rel=\"noreferrer noopener\">boosted his position in February<\/a> when he acquired a further 3.57 million units of the company, with each unit priced at C$5.60 and containing one common share and one common share purchase warrant. The warrants had an expiry of three years and an exercise price of C$6.50 per share. At the close of this financing, Sprott owned 11.24% of the company on a non-diluted basis and 20.2% on a partially diluted basis.<\/p>\n<p>However, 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 6.83 million warrants held.<\/p>\n<p>Gran Colombia&#8217;s stock plummeted 7.2% to C$6.12 a share by midday Wednesday following news of Sprott&#8217;s divestment. The company&#8217;s current market capitalization stands at approximately C$375 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sprott has reduced his stake in the company to just 0.2% from 11.24% earlier this year.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202520"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1202520"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202520\/revisions"}],"predecessor-version":[{"id":1202553,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202520\/revisions\/1202553"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1202520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1202520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1202520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}