GCM Mining Shareholders Approve Proposed Arrangement With Aris Gold

Rhea-AI Summary

GCM Mining Corp. (TPRFF) announced that shareholders approved a plan of arrangement with Aris Gold Corporation during a special meeting on September 19, 2022. Approximately 31.19% of shares were voted, with 97.13% in favor. Aris Gold also secured shareholder approval. The transaction is set to close on September 26, 2022, pending customary closing conditions. Post-closure, GCM Mining will rebrand as Aris Mining Corporation, which will operate with two producing mines and additional projects across the Americas.

Positive

• 97.13% of shareholders supported the arrangement with Aris Gold.
• Transaction is expected to close on September 26, 2022, marking a significant corporate development.
• Post-merger, the company will operate as Aris Mining with a diversified portfolio including two producing mines and development projects.

Negative

• None.

TORONTO, Sept. 19, 2022 (GLOBE NEWSWIRE) -- GCM Mining Corp. (“GCM Mining” or the “Company”) (TSX: GCM, OTCQX: TPRFF) announced today that its shareholders have voted in favour of the previously announced plan of arrangement with Aris Gold Corporation (“Aris Gold”) at today’s special meeting of shareholders (the “Meeting”).

At the Meeting, 30,452,708 shares were voted, representing approximately 31.19% of the issued and outstanding shares of GCM Mining, as detailed in the table below.

Votes FOR			Votes AGAINST
#	%		#	%
29,577,593	97.13%		875,115	2.87%

Aris Gold has confirmed that it has also received approval from its shareholders at a special meeting held earlier today to proceed with the plan of arrangement.

The transaction is expected to close on September 26, 2022, subject to the satisfaction or waiver of certain customary closing conditions. Following closing, the Company will continue under the name Aris Mining Corporation. Aris Mining will be a gold producer with two producing mines, two advanced development projects, and an advanced stage exploration project in the Americas.

About GCM Mining

GCM Mining is a mid-tier gold producer with a proven track record of mine building and operating in Latin America. In Colombia, the Company is the leading high-grade underground gold and silver producer with several mines in operation at its Segovia Operations. Segovia produced 206,389 ounces of gold in 2021. In Guyana, the Company is advancing its fully funded Toroparu Project, one of the largest undeveloped gold/copper projects in the Americas, which is expected to commence production of more than 200,000 ounces of gold annually in 2024. GCM Mining has equity interests in Aris Gold Corporation (~44%; TSX: ARIS; Colombia – Marmato, Soto Norte; Canada - Juby), Denarius Metals Corp. (~32%; TSX-V: DSLV; Spain – Lomero-Poyatos and Colombia – Guia Antigua, Zancudo) and Western Atlas Resources Inc. (~26%; TSX-V: WA: Nunavut – Meadowbank).

Additional information on GCM Mining can be found on its website at www.gcm-mining.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 transaction and the proposed arrangement, court approval, the ability of the parties to satisfy the conditions to closing of the arrangement, the anticipated timing of the completion of the arrangement and other anticipated business plans or strategies. 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 GCM Mining to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated as of March 31, 2022 and the joint management information circular of the Company and Aris Gold dated August 16, 2022 which are available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and GCM Mining disclaims, 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.

For Further Information, Contact:
Mike Davies
Chief Financial Officer
(416) 360-4653
investorrelations@gcm-mining.com

FAQ

What was the outcome of GCM Mining's shareholder meeting on September 19, 2022?

Shareholders voted 97.13% in favor of the arrangement with Aris Gold.

When is the transaction between GCM Mining and Aris Gold expected to close?

The transaction is scheduled to close on September 26, 2022.

What will GCM Mining's name become after the arrangement with Aris Gold?

GCM Mining will be renamed Aris Mining Corporation after the transaction.

What does Aris Mining Corporation plan to operate?

Aris Mining will operate two producing mines and several development projects in the Americas.