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Gran Colombia raising US$152M to redeem debt

Gran Colombia Gold Corp. on Feb. 5 announced plans to raise up to US$152 million through an offering of as many as 152,000 units.

Each unit is expected to consist of US$1,000 of senior secured gold-linked notes and a number of common share purchase warrants.

The net proceeds will be used to redeem the company's senior unsecured convertible debentures due 2018 and senior secured convertible debentures due 2020 and 2024.

Gran Colombia said the offering's terms have not been finalized.