TORONTO, ONTARIO -- (Marketwire) -- 05/10/11 -- Gran Colombia Gold Corp. (TSX: GCM) and Medoro Resources Ltd. (TSX: MRS) announced today that each company has filed with securities regulators in Canada the Joint Information Circular (the "Circular"), which sets out the details of the June 7, 2011 meetings to approve matters relating to the merger of the two companies. The Circular is available on the SEDAR website (www.sedar.com) and the websites of each of the companies (www.grancolombiagold.com and www.medororesources.com, respectively).
The Circular will be mailed to holders of Gran Colombia common shares of record as at April 25, 2011, and holders of Medoro common shares, warrants and options of record as at May 9, 2011, each of which is entitled to vote on certain matters relating to the merger.
The Circular includes the notices of the meetings, information on how to vote and how Medoro securityholders will be able to participate in the merger. Also included in the Circular is information about the merger as previously announced by the companies on April 13, 2011 and pro forma financial and other information about the combined company, including the proposed board of directors and executive officers and certain information about each company individually.
The Circular includes an amended and restated version of the Arrangement Agreement. The amendments include certain non-material clarifications to the Plan of Arrangement.
The Annual General and Special meetings of Gran Colombia shareholders and Medoro securityholders will be held on June 7, 2011 at the Hilton Hotel, 145 Richmond Street West, in Toronto. The Medoro securityholders meeting will commence at 9:00 a.m. (EDT) and the Gran Colombia shareholders meeting will commence at 10:30 a.m. (EDT). All shareholders and securityholders, as applicable, are encouraged to vote in person or by proxy.
Completion of the proposed merger is conditional on: (i) approval by Gran Colombia shareholders and Medoro securityholders; (ii) approval by the Supreme Court of Yukon; and (iii) satisfaction of other customary conditions, including regulatory and stock exchange approvals. It is expected that the merger will be completed in the week following the securityholder meetings.
Gran Colombia and Medoro have retained Kingsdale Shareholder Services Inc. to act as proxy solicitation agent and to respond to inquiries from securityholders. Kingsdale may be contacted at 1-888-518-1563 toll-free in North America, at (416) 867-2272 outside of North America or by email at firstname.lastname@example.org.
About Gran Colombia Gold Corp.
Gran Colombia is a Canadian-based gold and silver exploration and development company focused on acquiring, developing and operating properties of merit in Colombia. Gran Colombia holds 95% of the former Frontino Gold Mines Ltd. ("Frontino") gold and silver assets, including the largest underground gold and silver mining operation in Colombia. It also owns four more exploration projects in Colombia for total exploration acreage of approximately 21,400 hectares. Gran Colombia is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.
Additional information on Gran Colombia can be found on its website at www.grancolombiagold.com and by reviewing its profile on SEDAR at www.sedar.com.
About Medoro Resources Ltd.
Medoro is a gold exploration, development and mining company with its primary focus being the development of a large-scale, open-pit mine at Marmato in Colombia. Medoro also has a 5% interest in the former Frontino properties in Colombia with an option to increase its interest to 50%. Medoro also holds a 100% interest in the Lo Increible 4A and 4B concessions in Venezuela, as well as interests in gold exploration properties in Mali.
Additional information on Medoro can be found on its website at www.medororesources.com and by reviewing its profile on SEDAR at www.sedar.com.
Cautionary Statement on Forward-looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Medoro, Gran Colombia and their respective projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Medoro and Gran Colombia to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release based on current expectations and beliefs and Medoro and Gran Colombia disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Gran Colombia Gold Corp.
Medoro Resources Ltd.