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November 5, 2019

Gran Colombia Gold Corp. Completes $15 Million Strategic Investment by Eric Sprott

Gran Colombia Gold Corp. (“Gran Colombia”) completed a $15 million non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, of units at a price of $4.60 per unit. Each unit consists of one common share and one common share purchase warrant of Gran Colombia exercisable into a full common share at $5.40 per share expiring November 5, 2023.

Prior to the private placement, Mr. Sprott did not own any securities of Gran Colombia. The proceeds of the private placement are intended to be used for general working capital and corporate purposes.

Wildeboer Dellelce LLP acted for Gran Colombia in connection with the private placement with a team comprising Perry Dellelce, Peter Volk, Julie Anderson, and Sarim Ali (corporate/securities).