Gran Colombia Gold terminates a $475m merger with Guyana Goldfields and Gold X.

Gran Colombia Gold, a Canadian-based mid-tier gold producer, agreed to merge with Guyana Goldfields and Gold X, two gold mining companies, in a $475m deal. Shareholders of Gran Colombia will own a 60% stake in the combined company, with Guyana Goldfields and Gold X shareholders owning 25% and 15% stakes, respectively, on basic shares outstanding basis. “We are excited to present this opportunity to all the shareholders of Gran Colombia, Guyana Goldfields and Gold X. It is extremely rare to come across a transaction that can unlock significant tangible synergies outside of simply consolidating head offices. Not only does this transaction unlock meaningful value for all shareholders, but it creates a new Latin American gold champion with Latin American operators and mine builders. We will use our unique skillset to continue to grow Gran Colombia and create substantial value for all shareholders. We look forward in the coming weeks to present our vision to shareholders and demonstrate the superior value that our proposed merger possesses,” Serafino Iacono, Gran Colombia Executive Chairman. Gran Colombia Gold terminated the merge with Guyana Goldfields and Gold X on May 25, 2020.