Caldas Gold (TSXV: CGC) has completed its previously announced transition to that of Aris Gold. The company this morning revealed that the described management transitions have now occurred, while also announcing its growth strategy for the future.
With the completion of the transaction, the company is expected to begin trading under the symbol “ARIS” on the TSX Venture as of February 8, with the firm this morning also announcing that it has received conditional approval to list on the TSX, with further details to be released in the future. Meanwhile, the firm has seen the net proceeds from its $85 million private placement and its US$83 million of gold-linked notes released from escrow.
Funding from the private placement is to be used for the expansion of the firms Marmato mine, which will see its capacity extended to 150,000 ounces of gold per year. The company also intends to continue exploration at the property to extend the current 13 year mine life, while implementing a project development plan to optimize the operation and deliver further value to the company and shareholders.
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Outside of Marmato, Aris intends to “pursue a strategy of acquiring operating gold mines and projects nearing construction.” The company intends to then provide value to such operations via additional scale, optimization, and investing in expansion and further near-mine exploration.
The company is helmed by that of Neil Woodyer, whom has taken the CEO role at the firm. Woodyer is supported by an independent board helmed by Chairman Ian Telfer, and includes numerous industry leaders including Peter Marrone, Daniela Cambone, Attie Roux, David Garofalo, Hernan Martinez, and Serafino Iacono. Frank Giustra meanwhile is acting as a strategic advisor to the board.
Aris Gold last traded at $2.49 on the TSX Venture.
Information for this briefing was found via Sedar and Caldas Gold. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
