IKN

Tis rigor and not law

Mining PRs and the Ottotrans™, Part 88

It’s time for another installment in our occasional series that takes junior mining gobbledegook news releases and translates them into something that normal human beings can understand. These days we tend to do the translations in as few words as possible, too.
So here we go with today’s episode, which comes from our old pal Serafino Iacono over at Gran Colombia Gold (GCM.to). We got this one down to just four words too, which makes for succinct and concise reading. Make sure that Frank Holmes gets to hear about this, won’t you? Thanks in advance. (edit: apparently Frank heard earlier this morning. Hoodathunkit)
This is what they wrote:
TORONTO, March 9, 2015
/PRNewswire/ – Gran Colombia Gold Corp. (TSX: GCM, OTC: TPRFF) announced
today the details of the monthly interest payments it will make on
March 31, 2015 on its Senior Secured Gold-Linked Notes due 2017 and its
Senior Unsecured Silver-Linked Notes due 2018.
Gold
Note holders of record as of March 20, 2015 will receive approximately
US$8.77 per US$1,000 face value of the notes, leaving a balance of
interest in arrears after the March 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 March 20, 2015 will receive approximately
US$4.38 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$17.13 per US$1,000 face value of Silver Notes after the
March payment. These payment amounts are derived based on a 32-day
period from February 28, 2015 through March 31, 2015, inclusive.
The
interest payments are being made by the Company while we continue work
on a comprehensive plan moving forward. The Company has recently
received an optimized mine plan for its Segovia Operations from SRK
Consulting (U.S.), Inc. and is commencing to undertake the required
actions to implement it. The Company is continuing to work closely with
its financial advisor, GMP Securities L.P. to evaluate its various
options related to the capital structure of the Company and its future
debt service abilities on both Gold and Silver Notes.  
About Gran Colombia Gold Corp.
And this is what it means:
We have no money.
.

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