Gran Colombia Gold outlined the details of the interest payments it will make on April 30, on its Senior Secured Gold-Linked Notes due 2017 and its Senior Unsecured Silver-Linked Notes due 2018.
According to a company release, Gold Note holders of record as of April 20, will receive approximately US$8.22 per US$1,000 face value of the notes, leaving a balance of interest in arrears after the April payment of US$17.26 (approximately two months) per US$1,000 face value of the Gold Notes. Silver Note holders of record as of April 20, will receive approximately US$4.11 per US$1,000 face value of the notes which will be applied against the interest in arrears from December 31, 2014, leaving a balance of US$13.01 per US$1,000 face value of Silver Notes after the April payment. These payment amounts are derived based on a 30-day period from April 1, through April 30, inclusive.
The interest payments are being made by the Company while we continue work on a comprehensive plan moving forward. The Company continues work toward fully implementing its optimized mine plan for its Segovia Operations and is continuing to work closely with its financial advisor, GMP Securities. The Company expects to begin discussions with Gold and Silver Note holders in the second quarter of 2015.
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