Market Newsdesk

March 31, 2021 7:52 pm

IRTC FINAL DEADLINE: ROSEN, A LEADING LAW FIRM, Encourages iRhythm Technologies, Inc. Investors With Losses in Excess of $100K to Secure Counsel Before Important Friday Deadline in Securities Class Action – IRTC

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of iRhythm Technologies, Inc. (NASDAQ: IRTC) between August 4, 2020 and January 28, 2021, inclusive (the “Class Period”), of the important April 2, 2021 lead plaintiff deadline.

SO WHAT: If you purchased iRhythm securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the iRhythm class action, go to http://www.rosenlegal.com/cases-register-1539.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 2, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) iRhythm’s business would suffer as a result of the U.S. Centers for Medicare and Medicaid Services’ (“CMS”) rulemaking; (2) reimbursement rates would in fact plummet; (3) a lack of national pricing in the CMS rule and fee schedule would cause uncertainty and weakness in iRhythm’s business; and (4) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the iRhythm class action, go to http://www.rosenlegal.com/cases-register-1539.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:
      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

March 31, 2021 7:49 pm

Ortho Announces Plans to Accelerate COVID-19 Antigen and Antibody Test Development Through New Contract with BARDA and the Department of Defense

PR Newswire

– The new contract will deliver Ortho with funding for capacity expansion to provide up to 6.7 million COVID-19 tests per month dedicated for the U.S. market over the next 12-14 months

RARITAN, N.J., March 31, 2021 /PRNewswire/ — Ortho Clinical Diagnostics (Nasdaq: OCDX), one of the world’s largest pure-play IVD companies, today announced that through its continued partnership with the Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Department of Defense, the company been awarded an undefinitized contract which will lead to a $53.7 million contract that will support a more than three-fold increase in domestic production capabilities for its COVID-19 serological and diagnostic testing solutions.

As part of BARDA’s and the federal government’s ongoing COVID-19 medical countermeasure development efforts, the new contract will deliver funding for capacity expansion to provide up to 6.7 million COVID-19 tests per month dedicated for the U.S. market by Q2 2022. The capacity expansion is designated for the company’s VITROS^®Systems and two COVID-19 antibody tests – Total and IgG – as well as for its VITROS^® SARS-CoV-2 Antigen Test, the first high-volume antigen test to receive Food and Drug Administration (FDA) Emergency Use Authorization (EUA) in the United States.

“Ortho’s ongoing partnership with BARDA and the Department of Defense to significantly expand our COVID-19 testing manufacturing capabilities underscores the continued and critical importance of bolstering the nation’s testing infrastructure by leveraging highly accurate, automated and scalable diagnostic and serological tests that are FDA emergency use authorized,” said Chris Smith, chairman and chief executive officer, Ortho Clinical Diagnostics. “Our high-volume testing solutions have already been an indispensable asset for hospitals, reference labs, and public health leaders across the country, particularly in rural and underserved communities. We look forward to expanding the availability of these testing solutions to communities in need.”

About Ortho’s VITROS^® COVID-19 Testing Solutions

Authorized for use in the U.S. in January 2021, Ortho’s VITROS® SARS-CoV-2 Antigen Test offers reliable detection of acute COVID-19 infection with high sensitivity and specificity. With utility for mass-scale testing and same-day results for labs, Ortho’s antigen test can be processed at a rate of up to 130 tests per hour on a single analyzer, bolstering the ability of hospitals and reference labs to address testing backlogs, supply shortages, and delayed results that have undermined previous testing efforts. The VITROS® SARS-CoV-2 Antigen Test also offers a practical and cost-effective testing alternative to polymerase-chain reaction (PCR) tests, which, while highly accurate, can be expensive and require long processing times during testing surges.

Ortho’s Total Antibody Test, designed to indicate recent or prior SARS-CoV-2 infection, detects all COVID-19 related antibodies (IgA, IgM and IgG). The company’s COVID-19 IgG antibody test detects the IgG antibody, which appears in a patient’s blood in the later phase of infection and remains elevated even after recovery. Offering high sensitivity and specificity, both the Total and IgG tests – which have FDA EUA and CE Mark – provide public health leaders with an exceptional tool in tracking viral community spread, bolstering serological surveillance efforts, and managing patient treatment pathways.

The tests – including Antigen, IgG, and Total – are processed on Ortho’s trusted VITROS® system, which is already installed in more than 1,000 labs across all 50 states in the U.S. This includes more than 500 analyzers located in rural regions, where coronavirus testing needs are especially urgent.

This project has been funded with federal funds from the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, under Contract No. FA8726-21-C-0005.

Questions from laboratories, health care providers, or government officials regarding Ortho’s COVID-19 solutions can be directed to: [email protected]. For more information visit: https://www.orthoclinicaldiagnostics.com/global/covid19/.

The VITROS Anti-SARS-CoV-2 Total and IgG Antibody Tests and the VITROS SARS-CoV-2 Antigen Test have not been cleared or approved by the U.S Food and Drug Administration (FDA). They have been authorized by the FDA under an Emergency Use Authorization (EUA) and testing is limited to laboratories certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA), 42 U.S.C. §263a, to perform moderate- or high-complexity tests. The VITROS antibody tests have been authorized only for the detection of either total or IgG antibodies from SARS-CoV-2, not for any other viruses or pathogens, and results should not be used as the sole basis for diagnosis.
The VITROS antigen test has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens.
These tests are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostic tests for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Act, 21 U.S.C. § 360bbb-3(b)(1), unless the authorization is terminated or revoked sooner.

About Ortho Clinical Diagnostics

Ortho Clinical Diagnostics (Nasdaq: OCDX) is one of the world’s largest pure-play in vitro diagnostics (IVD) companies.

More than 800,000 patients across the world are impacted by Ortho’s tests each day. Because Every Test is a Life^TM, Ortho provides hospitals, hospital networks, clinical laboratories and blood banks around the world with innovative technology and tools to ensure test results are fast, accurate, and reliable. Ortho’s customized solutions enhance clinical outcomes, improve efficiency, overcome lab staffing challenges and reduce costs.

From launching the first product to determine Rh+ or Rh- blood type, developing the world’s first tests for the detection of antibodies against HIV and hepatitis C, introducing patented dry-slide technology and marketing the first U.S. Food and Drug Administration-authorized high-volume antibody and antigen tests for COVID-19, Ortho has been a pioneering leader in the IVD space for over 80 years.

The Company is powered by Ortho Care^TM, an award-winning, holistic service and support program that ensures best-in-class technical, field and remote service to laboratories in more than 130 countries and territories around the globe.

For more information, visit Ortho’s website or social media channels: LinkedIn, Twitter, Facebook and YouTube.

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SOURCE Ortho Clinical Diagnostics

March 31, 2021 7:48 pm

ROOT INVESTOR NOTICE: ROSEN, A LONGSTANDING AND TRUSTED LAW FIRM, Encourages Root, Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline – ROOT

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Root, Inc. (NASDAQ: ROOT) who: (1) purchased or otherwise acquired publicly traded Root securities between October 28, 2020 and March 8, 2021, inclusive (the “Class Period”); and/or (2) purchased or otherwise acquired Root Class A common stock pursuant and/or traceable to the Offering documents issued in connection with the Company’s initial public offering conducted on or about October 28, 2020 (the “IPO” or “Offering”), of the important May 18, 2021lead plaintiff deadline.

SO WHAT: If you purchased Root securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Root class action, go to http://www.rosenlegal.com/cases-register-2061.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

DETAILS OF THE CASE: According to the lawsuit, the Offering documents and defendants made false and/or misleading statements and/or failed to disclose that: (1) Root would foreseeably fail to generate positive cash flow for at least several years following the IPO; (2) accordingly, Root would foreseeably require significant cash infusions to meet its cash flow needs; (3) notwithstanding the defendants’ touting of Root’s purportedly unique, data-driven advantages, several of the Company’s established industry peers in fact possessed significant competitive advantages over Root with respect to, inter alia, telematics data and data engagement; and (4) as a result, the Offering documents and defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Root class action, go to http://www.rosenlegal.com/cases-register-2061.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40^th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

March 31, 2021 7:48 pm

ROSEN, NATIONAL INVESTOR COUNSEL, Encourages BELLUS Health Inc. Investors with Large Losses to Secure Counsel Before Important Deadline in Securities Class Action – BLU

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of BELLUS Health Inc. (NASDAQ: BLU) between September 5, 2019 and July 5, 2020, inclusive (the “Class Period”), of the importantMay 17, 2021 lead plaintiff deadline.

SO WHAT: If you purchased BELLUS securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the BELLUS class action, go to http://www.rosenlegal.com/cases-register-2058.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience or resources. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020 founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose information that resulted in a scheme that: (1) deceived the investing public regarding BELLUS’s business, operations, drug products, drug product development, competition, and present and future business prospects; (2) facilitated the Company’s September 2019 public offering (“Offering”); (3) created artificial demand for the BELLUS common shares sold in the Offering; (4) enabled the Company to receive approximately $70 million in net proceeds from the sale of BELLUS common stock in the Offering; and (5) caused purchases of BELLUS publicly traded common stock at artificially inflated prices. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the BELLUS class action, go to http://www.rosenlegal.com/cases-register-2058.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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SOURCE Rosen Law Firm, P.A.

March 31, 2021 7:43 pm

PLUG INVESTOR ALERT: ROSEN, A LEADING LAW FIRM, Encourages Plug Power Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important Deadline – PLUG

PR Newswire

NEW YORK, March 31, 2021 /PRNewswire/ —

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Plug Power Inc. (NASDAQ: PLUG) between November 9, 2020 and March 1, 2021, inclusive (the “Class Period”), of the important May 7, 2021 lead plaintiff deadline.

SO WHAT: If you purchased Plug Power securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Plug Power class action, go to http://www.rosenlegal.com/cases-register-2054.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 7, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Plug Power class action, go to http://www.rosenlegal.com/cases-register-2054.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

March 31, 2021 7:42 pm

Gran Colombia Gold Reports Fourth Quarter and Full Year 2020 Results; Provides Annual Update to Segovia’s Mineral Resource and Reserve Estimates

TORONTO, March 31, 2021 (GLOBE NEWSWIRE) — Gran Colombia Gold Corp. (TSX: GCM; OTCQX: TPRFF) announced today the release of its audited consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the year ended December 31, 2020. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.

Lombardo Paredes, Chief Executive Officer of Gran Colombia, commenting on the 2020 results, said, “The challenges we all faced in 2020 dealing with the pandemic are well documented. In Gran Colombia, we are thankful that our people rose to the occasion, taking the actions required to keep our workers healthy and safe and to support our local communities while moving our company forward. Despite the impact of the pandemic on production, operating costs and the execution of our capital and exploration programs, we had a solid year in many aspects and we look forward to continuing to advance the exploration and development of our high-grade Segovia Operations in 2021. Today we have also announced an update on our mineral resources and reserves at Segovia and we are pleased to report that we have not only replaced the mineral resources we mined last year, but we have identified many high priority in-mine, near-mine and brownfield targets for our 2021 drilling program. In 2020, we successfully created value for our shareholders through the spin out of our Marmato Mining Assets which are now in good hands with the Aris Gold management team. We are also excited at the prospect of adding the Toroparu Gold Project to our growth strategy through completion of the recently announced Gold X takeover bid currently in process. As we move toward publishing our first sustainability report this year, we are proud of the many accomplishments of our team over the years to incorporate ESG principles in our projects focused on education, health, environment and community. On behalf of the Board and management, I would like to thank all of our people for making 2020 a successful year in such unusual working conditions.”

Fourth Quarter and Full Year 2020 Highlights

Gran Colombia achieved its annual production guidance for the fifth consecutive year in 2020. For the full year, gold production of 220,194 ounces in 2020 was within the expected range of 218,000 to 226,000 ounces, compared with 239,991 ounces of gold in 2019. Gold production in the fourth quarter of 2020, which reflected the expected reduction in head grades at Segovia in 2020, totaled 57,265 ounces compared with 65,237 ounces in the fourth quarter of 2019.
Gran Colombia successfully brought its spin out of the Marmato Mining Assets to a successful conclusion in early 2021, one in which the Company has a continuing equity ownership of 44.3% in the new, fully financed, Aris Gold Corporation (“Aris”). In March 2021, the Company set its sights on the creation of a new, Latin American-focused growth platform with its bid to acquire all the shares of Gold X Mining Corp. (“Gold X”) it does not already own in a friendly share-for-share exchange, with the multi-million ounce Toroparu Project in Guyana joining Segovia to become the Company’s second cornerstone asset. Subject to shareholder and regulatory approval, the companies are working towards closing the transaction in late May/ early June 2021.
The Company’s ongoing drilling program in Segovia continues to provide encouraging results, reaffirming confidence in the high-grade nature of the Segovia gold deposits and replacing Mineral Resources mined in 2020. The updated Mineral Resource estimate as of December 31, 2020 reflects an upgrade of Mineral Resources with 4.0 million tonnes at a grade of 11.2 g/t totalling 1.43 million ounces of gold in Measured and Indicated Resources and 3.7 million tonnes at a grade of 10.3 g/t totalling 1.21 million ounces of gold in Inferred Resources. The Company also reported an updated Mineral Reserve for Segovia with a total of 2.2 million tonnes at an average grade of 9.0 g/t representing approximately 633,000 proven and probable ounces of gold as of December 31, 2020. The Company expects to carry out approximately 60,000 meters of drilling in 2021, of which approximately 40,000 meters will continue to focus on step-out and infill drilling in proximity to the Company’s four mining operations and approximately 20,000 meters will be dedicated to exploration on the high priority brownfield targets in the Segovia mining title.
Gran Colombia, long known for its attention to ESG matters at the local level in its Colombian operations, added an ESG sub-committee of the Board in early 2020 to support its ongoing commitment to ESG initiatives. In 2020, the Company’s ESG programs continued to focus on education, health, environment and community programs, including support to the local communities surrounding the Segovia Operations and Marmato Project affected by the COVID-19 crisis.
Revenue
amounted to $99.7 million in the fourth quarter of 2020, up 13% from the fourth quarter of 2019, reflecting an increase in the Company’s realized gold price to an average of $1,875 per ounce sold from $1,480 in the fourth quarter of 2019, partially offset by lower gold sales volume this year. For the full year, revenue reached a new record of $390.9 million in 2020, up 20% over 2019.
At the Segovia Operations, total cash costs⁽¹⁾averaged $830 per ounce in the fourth quarter of 2020, up from $637 per ounce in the fourth quarter of 2019, reflecting (i) an increase in contractor and artisanal mining payment rates (which had not changed since 2017) implemented in the third quarter of 2020 in response to the current gold market conditions, (ii) higher spot gold prices which increased production taxes on a per ounce basis, (iii) additional costs to maintain the necessary COVID-19 protocols required to protect the health and safety of Segovia’s workers and the local communities, and (iv) the impact of the lower production in 2020 on fixed operating costs per ounce. Total cash costs, including Marmato, averaged $904 per ounce in the fourth quarter of 2020 compared with $685 per ounce in the fourth quarter of 2019. For the full year, Segovia’s total cash costs averaged $699 per ounce, up from $607 per ounce in 2019, with similar causal factors as those noted in the fourth quarter. Total cash costs, including Marmato, averaged $768 per ounce in 2020 compared with $661 per ounce in 2019.
All-in sustaining costs

(“AISC”) ⁽¹⁾
for the Segovia Operations were $1,266 per ounce in the fourth quarter of 2020, up from $967 per ounce in the fourth quarter of 2019, reflecting (i) the increased total cash costs, (ii) an uptick in capital expenditures on programs that had been delayed from earlier in 2020 due to COVID-19 restrictions, and (iii) the impact of lower gold sales volume of AISC on a per pounce basis. Including Marmato, consolidated AISC in the fourth quarter of 2020 was $1,382 per ounce compared with $1,003 per ounce in the fourth quarter last year. For the full year, Segovia’s AISC averaged $1,015 per ounce, up from $878 per ounce in 2019, reflecting (i) the increase in its total cash costs, (ii) an increase in sustaining capital expenditures, and (iii) the impact of lower gold sales volume on its AISC on a per ounce basis. For the full year, consolidated AISC averaged $1,101 per ounce in 2020, up from $916 per ounce in 2019.
A

djusted EBITDA ⁽¹⁾
amounted to $43.1 million for the fourth quarter of 2020, up 6% over the fourth quarter last year. For the full year, adjusted EBITDA reached a new annual record of $187.8 million, up 28% over 2019.
Net cash provided by operating activities
in the fourth quarter of 2020 was $30.4 million compared with $35.7 million in the fourth quarter last year and reflected a delay in receiving $7.9 million of VAT refunds in Colombia due to the impact of COVID-19 on the government’s processing of claims. For the full year, net cash provided by operating activities reached a new high of $136.4 million, up 31% over 2019.
Free Cash Flow ⁽¹⁾
in the fourth quarter of 2020 amounted to $6.8 million compared with $23.0 million in the fourth quarter of 2019, reflecting the impact of the delayed VAT refunds noted above and an increase in capital expenditures at both Segovia and Marmato to a total of $23.7 million in the fourth quarter of 2020 from $12.7 million in the fourth quarter of 2019. For the full year, Free Cash Flow amounted to $73.6 million, up 19% over 2019. Total capital expenditures in 2020 increased to $62.8 million from $42.7 million in 2019.
The Company’s balance sheet remained solid with total cash of $122.5 million at the end of 2020, including $33.0 million in Aris, and a 48% reduction in 2020 in the aggregate principal amount of Gold Notes outstanding to $35.5 million at the end of the year. In October, Fitch Ratings upgraded the Company to B+ Stable Outlook. The Company has announced it will complete early partial redemptions in 2021 of 10% of the Convertible Debentures in April and 33.6% of the Gold Notes in May.
The Company returned a total of $5.4 million to shareholders in 2020 with the repurchase of 890,100 shares at a cost of $4.0 million and payment of its first two dividends totaling $1.4 million. The Company has continued to pay its monthly dividend of CA$0.015 per share in 2021 and in the first quarter of 2021 has repurchased an additional 702,000 shares at an average price of CA$5.69 per share.
The Company reported a net loss of $51.3 million ($0.59 per share) in the fourth quarter of 2020 compared with a net loss of $148.8 million ($2.86 per share) in the fourth quarter of 2019. For the full year, the Company reported a net loss of $27.6 million ($0.08 per share) compared with a net loss of $131.2 million ($2.65 per share) in 2019. The net loss in 2020 included $72.9 million of non-cash fair value losses on derivative financial instruments, Aris financing fees and expenses of $13.9 million, a $16.7 million charge related to the Bluenose RTO Transaction and an $8.9 million provision for withholding taxes on accumulated earnings to be repatriated from Colombia. The net loss in 2019 includes the after-tax impairment charge for the Marmato Project of $153.6 million.
Adjusted net income ⁽¹⁾
for the fourth quarter of 2020 was $7.7 million ($0.15 per share) compared with $17.1 million ($0.33 per share) in the fourth quarter last year. For the full year, adjusted net income improved to $75.9 million ($1.28 per share) compared with $60.5 million ($1.22 per share) in 2019. The year-over-year improvement in adjusted net income in 2020 largely reflects the positive impact of higher gold prices in 2020, partially offset by the COVID-19 impact on gold production and operating costs, increased G&A expenses, share-based compensation and social contributions in Aris, increased interest expense and gold premiums, and increased income tax expense.

Selected Financial Information

	Fourth Quarter						Year
		2020			2019			2020			2019				2018
Operating data
Gold produced (ounces)		57,265			65,237			220,194			239,991				218,001
Gold sold (ounces)		52,478			59,169			220,890			233,866				214,622
Average realized gold price ($/oz sold)	$	1,875		$	1,480		$	1,751		$	1,381			$	1,239
Total cash costs ($/oz sold) ⁽¹⁾		904			685			768			661				680
AISC ($/oz sold) ⁽¹⁾		1,382			1,003			1,101			916				919

Financial data ($000’s, except per share amounts)
Revenue	$	99,673		$	88,463		$	390,921		$	326,480			$	268,525
Adjusted EBITDA ⁽¹⁾		43,076			40,607			187,764			146,675				102,386
Impairment charge		–			(175,989	)		–			(175,989		)		–
Net (loss) income		(51,275	)		(148,849	)		(27,571	)		(131,164		)		(3,379	)
Per share – basic		(0.59	)		(2.86	)		(0.08	)		(2.65		)		(0.10	)
Per share – diluted		(0.59	)		(2.86	)		(0.08	)		(2.65		)		(0.11	)
Adjusted net income ⁽¹⁾		7,703			17,113			75,942			60,460				42,498
Per share – basic		0.15			0.33			1.28			1.22				1.23
Per share – diluted		0.13			0.27			1.09			1.04				0.59
Net cash provided by operating activities		30,424			35,699			136,378			104,340				80,504
Free cash flow ⁽¹⁾		6,758			23,017			73,579			61,675				44,901

							December 31,
								2020			2019				2018

Balance sheet ($000’s):
Cash and cash equivalents							$	122,508		$	84,239			$	35,645
Gold Notes, including current portion – principal amount outstanding ⁽²⁾								35,525			68,750				88,250
Convertible Debentures – principal amount outstanding ⁽³⁾								CA20,000				CA20,000			–
Aris Gold Notes, including current portion – principal amount outstanding ⁽⁴⁾								73,066			–				–

⁽¹⁾	^{Refer to “Non-IFRS Measures” in the Company’s MD&A.}
⁽²⁾	^{The Gold Notes were issued in 2018 and are recorded in the Financial Statements at fair value. At December 31, 2020, 2019 and 2018, the carrying amounts of the Gold Notes outstanding were $38.5 million, $69.0 million and $74.1 million, respectively.}
⁽³⁾	^{The Convertible Debentures were issued in 2019 and are recorded in the Financial Statements at fair value. At December 31, 2020 and 2019, the carrying amounts of the Convertible Debentures outstanding were $28.4 million and $21.1 million, respectively.}
⁽⁴⁾	^{The Aris Gold Notes were issued in 2020 and are recorded in the Financial Statements at fair value. At December 31, 2020, the carrying amount of the Aris Gold Notes outstanding was $73.2 million.}

Outlook

With the closing of the Aris Transaction with Caldas Gold at the beginning of February 2021, Gran Colombia has successfully brought its spin out of the Marmato Mining Assets to a successful conclusion, one in which Gran Colombia continues to hold an equity ownership of 44.3% in the new, fully financed, Aris. Starting in 2021, Gran Colombia will equity account for its investment in Aris and will no longer include the Marmato mine in its production reporting.

Gran Colombia’s focus in 2021 will center on the exploration and continuing development of its high-grade Segovia Operations, the epicentre of its Free Cash Flow generation. In February, the Company provided its annual production guidance for the coming year and expects to produce between 200,000 and 220,000 ounces of gold at Segovia. Over the last 10 years, the Company has produced a total of approximately 1.3 million ounces of gold from its Segovia Operations at an average head grade of 13.8 g/t. In 2021, the Company expects that head grades will continue to average between 13 to 15 g/t over the course of the year. The next phase of plant expansion at Segovia to 2,000 tpd is proceeding well and should be completed in the second half of this year. In February, the Company paid $7.0 million related to the construction of a new recovery plant at Segovia that will come on stream later this year and allow it to recover commercial quantities of zinc, lead, gold and silver into concentrate from its tailings. This not only represents an additional source of cash flow from mining operations, it further improves the environmental impact of the Segovia Operations by eliminating these minerals from the tailings going into the El Chocho storage facility.

The Company plans to drill a total of approximately 60,000 meters at its Segovia Operations in 2021 at a total cost of approximately $14 million to carry out its ongoing in-mine and near-mine drill program at its four operating mines and ramping up its exploration program aimed at testing its highest priority brownfield targets. The 2021 in-mine and near-mine drill program, which is already underway, will total approximately 40,000 meters of step-out and in-fill diamond drilling at a cost of approximately $10 million from purpose-built underground and surface drilling stations at the Company’s four operating mines, focused on replacing the 2021 mining production and organic growth through resource and reserve expansion. The 2021 brownfield exploration program comprises a multi-phase fieldwork program for each of the high-priority exploration targets, namely: Vera (ongoing), Cristales, Marmajito and San Nicolas. Planned exploration work includes Unmanned Aerial System magnetic and radiometric surveys, underground and surface mapping, and possibly induced polarization surveying. A total of approximately 20,000 meters of exploration and step-out drilling has been planned at a total cost of approximately $4 million. Fieldwork, including drilling, will be spread throughout the year with Cristales expected to begin in the second quarter of 2021 and Marmajito and San Nicolas to follow in the second half of the year.

The Company currently holds an 18.15% equity interest in Gold X, a Canadian junior mining company which owns the Toroparu Project in the western Guyana gold district. On March 15, 2021, the Company announced that it has entered into a definitive arrangement agreement pursuant to which it proposes to acquire all of the issued and outstanding common shares of Gold X it does not already own by way of a statutory plan of arrangement, subject to the approval of the shareholders of both companies and regulatory approval. Pursuant to the definitive agreement, the Company would acquire the shares of Gold X on the basis of 0.6948 of a Gran Colombia share for each Gold X share (the “Exchange Ratio”). The Exchange Ratio implies consideration of CA$4.10 per Gold X share based on the 20-day volume weighted average price of the Gran Colombia shares on the Toronto Stock Exchange (“TSX”) as of the market close on March 12, 2021 for total consideration of approximately CA$315 million on a 100% and fully diluted in-the-money basis. Through the creation of a new, Latin American-focused growth platform, Gran Colombia believes that the combined company will consist of a complementary asset portfolio including the world-class, Free Cash Flow generating Segovia Operations located in Colombia, as well as the large, high-growth and substantially de-risked Toroparu Project in Guyana that boasts 4.5 million ounces of LOM gold production over a 24-year mine life. The companies are working towards closing the transaction in late May/ early June 2021.

The Company intends to continue to take steps in 2021 to strengthen its balance sheet, including the recently announced early partial redemptions of 10% of the Convertible Debentures in April and 33.6% of the Gold Notes in May, bringing the aggregate principal amounts of the Convertible Debentures and Gold Notes down to CA$18.0 million and $19.75 million, respectively, after the redemptions. The payment date for the early redemption of the Gold Notes has been revised to May 10, 2021 to accommodate the procedures and requirements of CDS Clearing and Depository Services Inc. and the Toronto Stock Exchange.

Through the first quarter of 2021, the Company has continued to return cash to its shareholders, repurchasing a total of 702,000 common shares under its NCIB at a cost of approximately CA$4.0 million and payment of dividends of approximately CA$0.9 million each month. The Company is committed to its dividend program at the current monthly rate of CA$0.015 per share and expects to continue to repurchase common shares, within certain price ranges, for cancellation under its NCIB to support continued value creation for its shareholders.

Segovia Operations – Mineral Resource and Reserve Update

Gran Colombia also announced today that it has completed updated Mineral Resource and Mineral Reserve estimates for its Segovia Operations prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”) with an effective date of December 31, 2020.

Highlights of the December 31, 2020 MRE update include:

Total Measured & Indicated Resources increased to 4.0 million tonnes at a grade of 11.2 g/t totalling 1.43 million ounces of gold, up 5% from last year.
Total Inferred Resources decreased to 3.7 million tonnes at a grade of 10.3 g/t totalling 1.21 million ounces of gold, down 4% compared to last year.
The Company replaced Mineral Resources mined in 2020 and upgraded approximately 69,000 ounces from Inferred to Measured & Indicated resources.
The updated MRE continues to reaffirm confidence in the high-grade nature of the Segovia gold deposits.
The commencement of the brownfield exploration program was delayed by COVID-19 until the fourth quarter of 2020. As such, the updated MRE does not include any results from the 2020 brownfield exploration program. In addition, the MRE for Las Verticales has not been updated as no new information is currently available and the previous estimate for this project remains valid.

The following table summarizes the MRE for the Segovia Operations as of December 31, 2020 and changes by category in tonnes, grade and ounces of gold compared with the previous total MRE as of December 31, 2019:

Project	Deposit	Type	Measured						Indicated						Measured & Indicated						Inferred
Project	Deposit	Type	Tonnes (kt)		Grade (g/t)		Au Metal (koz)		Tonnes (kt)		Grade (g/t)		Au Metal (koz)		Tonnes (kt)		Grade (g/t)		Au Metal (koz)		Tonnes (kt)		Grade (g/t)		Au Metal (koz)
Segovia	Providencia	LTR	218		18.5		130		237		14.9		114		455		16.6		243		171		9.9		55
	Providencia	Pillars	109		22.3		78		99		10.2		32		208		16.5		110		384		19.8		245
	Sandra K	LTR							413		10.0		132		413		10.0		132		384		9.9		122
	Sandra K	Pillars							156		11.1		56		156		11.1		56		17		27.5		15
	El Silencio	LTR							1,277		9.8		404		1,277		9.8		404		1,279		9.0		371
	El Silencio	Pillars							1,326		10.6		454		1,326		10.6		454		395		11.4		145
	Verticales	LTR																			771		7.1		176
	Subtotal Segovia Project	LTR	218		18.5		130		1,927		10.5		650		2,145		11.3		780		2,605		8.6		724
	Subtotal Segovia Project	Pillars	109		22.3		78		1,581		10.7		542		1,690		11.4		620		796		15.8		405
Carla	Subtotal Carla Project	LTR							132		6.0		25		132		6.0		25		260		9.7		81
December 31, 2020 (1)			327		19.8		208		3,639		10.4		1,217		3,967		11.2		1,425		3,661		10.3		1,209
December 31, 2019 (2)			226		20.8		151		3,385		11.1		1,205		3,611		11.7		1,356		4,098		9.6		1,265
% Change vs previous			45	%	-5	%	38	%	8	%	-6	%	1	%	10	%	-4	%	5	%	-11	%	7	%	-4	%

⁽¹⁾	^{The Mineral Resources are reported at an in situ cut-off grade of 2.9 g/t Au over a 1.0 m mining width, which has been derived using a gold price of US$1,700 per ounce and suitable benchmarked technical and economic parameters for the existing underground mining (mining = US$85.0/t, processing = US$24.0/t, G&A = US$24.0/t, Royalties = US$11.1/t) and conventional gold mineralized material processing (90.5%). Each of the mining areas have been sub-divided into Pillar areas (“Pillars”), which represent the areas within the current mining development, and long-term resources (“LTR”), which lie along strike or down dip of the current mining development. Mineral Resources are reported inclusive of the Mineral Reserve. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.}
⁽²⁾	^{Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 14, 2020 and effective as of December 31, 2019, prepared by SRK Consulting (US) Inc. (“SRK”). Some production at Segovia is sourced from mining areas that are not currently included in the Company’s MRE.}

During 2020, Gran Colombia continued its in-mine and near-mine drilling campaign designed to increase the Company’s confidence in the potential to add new mineral reserves and extend mine life. The results of the 2020 drilling program were included in press releases issued by the Company on July 20, 2020 and December 21, 2020, including (i) the discovery of a third high-grade vein at depth in the El Silencio mine, (ii) the discovery of a new orebody at Level 14 in the Providencia mine which is being developed and remains open at depth, (iii) drilling at the northernmost end of the Sandra K mine showed that the mineralization is still open along strike and at depth and (iv) drilling at the Carla mine has intercepted additional high-grade mineralization well below the existing underground mine development. The results of the 2020 drilling have identified potential targets to increase the Mineral Resources at Segovia, all of which will be followed up in the 2021 drilling program.

The updated MRE for the Segovia Operations incorporates assay results from an additional 467 diamond drillholes totalling 64,030 meters of sampling information in the databases compared to the previous model, inclusive of the 2019 drilling program and the ongoing validation exercises of historical information being completed by the Company’s geologists. All diamond core has been logged and sent for preparation at the SGS laboratories in Medellin, with associated Quality Control Programs. In addition to the drilling, a total of 9,806 channel samples totalling some 7,815 meters in length were completed in 2020.

The MRE was prepared using a block model constrained with 3D wireframes of the principal veins, which have been sub-domained using high-grade mineralisation wireframes to constrain the influence of higher grade material. Assays are capped prior to compositing. Values were interpolated using ordinary kriging for well informed areas and inverse distance squared methodology for smaller veins with limited data. All models have been depleted using projections of the mining faces through the entire width of the veins. Classification has been applied based on a combination of data quality, confidence in the spatial location, and confidence in the mining depletion shapes. Only material reporting above a cut-off of 2.9 g/t over a minimum stope width of 1.0 m has been included in the MRE. The MRE for Las Verticales has not been updated as no new information is currently available and the previous estimate for this project remain valid.

Ben Parsons, Principal Consultant (Resource Geology) with SRK, prepared the Segovia MRE according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Parsons is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineral resources.

Segovia’s Life-of-Mine (“LOM”) Mineable Gold Reserves Total Approximately 633,000 Contained Ounces Effective December 31, 2020

SRK has also completed preliminary results of an updated Preliminary Feasibility Study (“Segovia PFS”) for the Segovia Operations effective December 31, 2020 and is currently finalizing the technical report. At December 31, 2020, Segovia’s reported Mineral Reserve totaled approximately 633,000 proven and probable ounces of gold, based on 2.2 million tonnes of material at an average head grade of 9.0 g/t, compared with 670,000 ounces at the end of 2019 based on 2.0 million tonnes of material at an average head grade of 10.5 g/t.

For the Segovia PFS, SRK included the geological and resource modelling of the various deposits and mining areas that comprise the operating mine site of the Segovia Operations. A mining study and schedule was prepared by both SRK’s and the Company’s technical professionals to create a LOM production schedule, including both Company-operated areas and contractor-operated areas within the Company’s Providencia, El Silencio, Sandra K and Carla mines. The Segovia PFS production schedule includes only Proven and Probable Reserves, and as such, the annualized level of production over the seven-year projected mine life in the Segovia PFS may be lower than the Company’s current expectations. This is largely due to the exclusion of Inferred Resources in the LOM production schedule in the Segovia PFS which the Company currently mines and intends to continue mining in the future. In addition, the material processed under operating contracts at the Company’s Maria Dama plant from the small artisanal mines located in the Company’s mining title is not included in the LOM production schedule in the Segovia PFS as it falls outside the Company’s mines and is therefore not included in the Company’s MRE or Mineral Reserves.

The following table shows a breakdown of the Mineral Reserve as of December 31, 2020 by area and category compared with the total Mineral Reserve as of December 31, 2019:

Area	Category	Tonnes (kt)	Grade (g/t)	Au Metal (koz)
Providencia	Proven	187	13.9	83
Providencia	Probable	176	10.4	59
Sandra K	Probable	273	9.1	79
El Silencio	Probable	1,472	8.3	394
Carla	Probable	88	6.3	18
December 31, 2020 (1)	Total	2,196	9.0	633
December 31, 2019 (2)	Total	1,985	10.5	670
% Change vs previous		11 %	-14%	-6%

⁽¹⁾	^{Ore reserves are reported using a gold cutoff grade ranging from 3.11 to 3.86 g/t depending on mining area and mining method. The cutoff grade calculations assume a $1,600/oz Au price, 90.5% metallurgical recovery, $6/oz smelting and refining charges, $24/t G&A, $24/t processing cost, and projected LOM mining costs ranging from $85/t to $110/t. The reserves are valid as of December 31, 2020. Mining dilution is applied to a minimum mining height and estimated overbreak (values differ by area/mining method) using a zero grade. Reserves are inclusive of Mineral Resources. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Mineral Reserves have been stated on the basis of a mine design, mine plan, and economic model. There are potential survey unknowns in some of the mining areas and lower extractions have been used to account for these unknowns. The Mineral Reserves were estimated by Fernando Rodrigues, BS Mining, MBA, MMSAQP #01405, MAusIMM #304726 of SRK, a Qualified Person.}
⁽²⁾	^{Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 14, 2020 and effective as of December 31, 2019, prepared by SRK.}

A summary of the key LoM operating and financial parameters of the current Segovia PFS dated as of December 31, 2020 compared with the previous Segovia PFS prepared as of December 31, 2019 is as follows:

	December 31, 2020	December 31, 2019 ⁽¹⁾

Operating data:
Ore milled (tonnes)	2,196,000	1,985,000
Gold produced (ozs)	573,000	607,000

Financial data (U.S. dollars):
Expected long-term gold price	$1,600/oz	$1,350/oz
LOM gold revenue	$916 million	$819 million
Total cash cost, including refining	$796/oz	$711/oz
LOM sustaining capex, including exploration	$134 million	$150 million
Mine-level AISC	$1,030/oz	$958/oz
Undiscounted after-tax free cash flow	$226 million	$151 million
NPV after-tax free cash flow @ 5%	$209 million	$139 million

⁽¹⁾	^{Sourced from the NI 43-101 Technical Report, Prefeasibility Study Update, Segovia Project, Colombia dated May 14, 2020 and effective as of December 31, 2019, prepared by SRK.}

Fernando Rodrigues, BS Mining, MBA, MAusIMM, MMSAQP Practice Leader/Principal Consultant (Mining Engineer) with SRK, prepared the Segovia Mineable Reserve according to CIM Definition Standards and will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR profile within 45 days. Mr. Rodrigues is a Qualified Person as defined by NI 43-101. The NI 43-101 independent report will include detailed information on the key assumptions, parameters and methods used to estimate the mineable reserve.

2020 Fourth Quarter and Year End Results

As a reminder, Gran Colombia is hosting a conference call and webcast on Thursday, April 1, 2021 at 9:00 a.m. Eastern Time to discuss the results.

Webcast and call-in details are as follows:

Live Event link:	https://edge.media-server.com/mmc/p/axzwox37
Canada Toll / International:	1 (514) 841-2157
North America Toll Free:	1 (866) 215-5508
Colombia Toll Free:	01 800 9 156 924
Conference ID:	50124774

A replay of the webcast will be available at www.grancolombiagold.com from Thursday, April 1, 2021 until Friday, April 30, 2021.

About Gran Colombia Gold Corp.

Gran Colombia is a Canadian-based mid-tier gold producer with its primary focus in Colombia where it is currently the largest underground gold and silver producer with several mines in operation at its high-grade Segovia Operations. Gran Colombia’s portfolio includes equity positions in several listed companies advancing gold and silver projects including a 44.3% equity interest in Aris Gold Corporation (TSX: ARIS) (Colombia – Marmato; Canada – Juby), an 18.2% equity interest in Gold X Mining Corp. (TSX-V: GLDX) (Guyana – Toroparu), a 27.3% equity interest in Denarius Silver Corp. (TSX-V: DSLV) (Colombia – Guia Antigua and Zancudo) and a 25.8% equity interest in Western Atlas Resources Inc. (TSX-V: WA) (Nunavut – Meadowbank).

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.

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 continuation of operations during the COVID-19 situation, production guidance, early redemptions of debt, acquisition bid for Gold X Mining, payment of dividends 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 Gran Colombia 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, 2021 which is 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 Gran Colombia 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
[email protected]

March 31, 2021 7:37 pm

Kessler Topaz Meltzer & Check, LLP is Investigating Securities Fraud Claims on Behalf of Canoo Inc. (NASDAQ: GOEV) Investors

RADNOR, Pa., March 31, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Canoo Inc. (“Canoo”) (NASDAQ: GOEV).

Canoo is a manufacturer of electric vehicles. On March 29, 2021, Canoo issued a press release announcing its fourth quarter and full year 2020 financial results, reporting a net loss of $89.9 million for the year. Canoo also announced that its Chief Financial Officer, Paul Balciunas, notified Canoo of his intention to resign.

The same day, The Verge released an article entitled “Canoo’s deal with Hyundai appears dead: The startup’s also changed its tune on selling EV tech to big companies.” The article stated in part that “[w]hen pressed on the startup’s previous claims,” the current chairman pointed to its prior leadership and said “they were a little more aggressive” and “that talk of potential partnerships was ‘presumptuous.’” The article also stated that “Canoo quietly uploaded a new investor presentation to its investor relations website on Monday that no longer mentions Hyundai.”

Following this news, the price of Canoo’s common stock fell approximately 21.2%, down from its March 29, 2021 closing price of $11.80 to a March 30, 2021 close of $9.30.

If you are a Canoo investor and would like to learn more about our investigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at [email protected]; or please visit

the following link

to fill out our online form

http://www.ktmc.com/canoo-inc-investigation?utm_source=PR&utm_medium=link&utm_campaign=canoo.

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
[email protected]

March 31, 2021 7:36 pm

KP Tissue Announces Senior Unsecured Notes Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MISSISSAUGA, Ontario, March 31, 2021 (GLOBE NEWSWIRE) — KP Tissue Inc. (KPT) (TSX: KPT) announced today that Kruger Products L.P. (“KPLP”) has, pursuant to an underwriting agreement entered into today, agreed to issue and sell CDN $135 million principal amount of 5.375% Senior Unsecured Notes (the “Notes”) due April 9, 2029 by way of private placement (the “Offering”). Interest on the Notes is payable semi-annually in arrears on April 9 and October 9 of each year, commencing on October 9, 2021.

Scotia Capital Inc., CIBC World Markets Inc. and National Bank Financial Inc. are acting as joint book-running managers for the Offering. The Offering is expected to close on April 8, 2021, subject to customary closing conditions. KPLP intends to use the net proceeds of the Offering to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes.

The Notes will be unsecured obligations of KPLP and unconditionally guaranteed, jointly and severally, by certain subsidiaries of KPLP, being the same guarantors as under KPLP’s syndicated credit facility. The Notes will rank senior in right of payment to all existing and future subordinated indebtedness of KPLP and equal in right of payment to all indebtedness of KPLP that is not subordinated in right of payment to the Notes other than any indebtedness that ranks senior to the Notes by operation of law.

The offer and sale of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the Notes in Canada will be made on a basis exempt from the prospectus requirements of such securities laws.

This news release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful.

About KP Tissue Inc.

KPT was created to acquire, and its business is limited to holding, a limited partnership interest in KPLP. For more information visit www.kptissueinc.com. KPT currently holds a 14.7% interest in KPLP. For more information visit www.kptissueinc.com.

About Kruger Products L.P.

KPLP is Canada’s leading manufacturer of quality tissue products for household, industrial and commercial use. KPLP serves the Canadian consumer market with such well-known brands as Cashmere®, Purex®, SpongeTowels®, Scotties® and White Swan®. In the U.S., KPLP manufactures the White Cloud® brand, as well as many private label products. The Away-From-Home division manufactures and distributes high-quality, cost-effective product solutions to a wide range of commercial and public entities. KPLP has approximately 2,700 employees and operates eight FSC® COC-certified (FSC® C-104904) production facilities in North America. For more information visit www.krugerproducts.ca.

Forward Looking Information

Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes. Forward-looking information in this news release includes the expected closing date, and use of the net proceeds of, the Offering. KPT believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved. These risks include, but are not limited to, risks associated with the ability to satisfy the closing conditions of the Offering. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, KPT’s actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management’s goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, KPT does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

INFORMATION:

François Paroyan
General Counsel and Corporate Secretary
KP Tissue Inc.
Tel.: 905.812.6936
[email protected]

INVESTORS:

Mike Baldesarra
Director of Investor Relations
KP Tissue Inc.
Tel.: 905.812.6962
[email protected]

March 31, 2021 7:35 pm

Duke Energy responds to North Carolina Utilities Commission’s decision on Duke Energy Carolinas’ 2019 rate request

PR Newswire

CHARLOTTE, N.C., March 31, 2021 /PRNewswire/ — Duke Energy issued the following statement in response to today’s order by the North Carolina Utilities Commission (NCUC) on the rate adjustment request made by Duke Energy Carolinas on Sept. 30, 2019.

Duke Energy worked with the NCUC, the North Carolina Public Staff, and other groups last spring to postpone the rate case proceedings due to the pandemic.

The company has taken numerous additional steps over the past year to support customers through suspension of disconnections, flexible payment arrangements and more than $20 million in charitable giving across the state.

The full NCUC order can be found here.

Duke Energy statement
We are currently evaluating the North Carolina Utilities Commission’s order on Duke Energy Carolinas’ 2019 rate request and will determine the exact impacts on customer rates in the coming weeks, which will remain below the national average even after new rates go into effect. Our investments over the past several years have helped transition the state to cleaner energy sources, while keeping energy affordable and reliable for customers. Additionally, we continue to take significant steps in response to the pandemic to support

We are pleased with the NCUC’s approval of the settlement agreements reached with more than 10 diverse customer and environmental groups as a part of this transparent and thorough process. The result is a decision that balances the needs of customers and the company.

Highlights of the NCUC’s order include:

Approves settlement with the Attorney General, N.C. Public Staff and Sierra Club, reducing the amount of coal ash management costs recovered in customer rates and providing clarity on coal ash in North Carolina for the next decade.
Approves settlement with 10 diverse stakeholders for future grid improvements to strengthen the grid, improve reliability and enable more renewable energy. These costs will be evaluated in future rate requests. Also approves a Climate Risk & Resilience Working Group to assess impacts of climate change to distribution and transmission infrastructure.
Eliminates direct debit and credit card bill-paying fees for residential customers and adopts company’s proposal on broad stakeholder workshops to evaluate rate design and additional regulatory programs and protections for low-income customers, including a potential income-qualified energy efficiency pilot program.
Duke Energy shareholders will contribute $6 million over two years to the Helping Home Fund to provide energy- and cost-saving measures to North Carolina customers, and $5 million over two years to the Duke Energy Carolinas Share the Warmth program to provide billing assistance to low-income customers.

Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit.

Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. The Gas Utilities and Infrastructure unit distributes natural gas to 1.6 million customers in five states: North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The Duke Energy Renewables unit operates wind and solar generation facilities across the U.S., as well as energy storage and microgrid projects.

Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Media contact: Meredith Archie
800.559.3853

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SOURCE Duke Energy

March 31, 2021 7:33 pm

Canadian Pacific, Kansas City Southern Receive Widespread Support for Creating First U.S.-Mexico-Canada Rail Network

PR Newswire

Nearly 260 Statements from Shippers and Supporters Filed with the Surface Transportation Board in Support of CP-KCS Combination

Shippers and Supporters Anticipate Increased Efficiency and Market Reach, Enhanced Competition and North American Economic Growth

CALGARY and KANSAS CITY, Mo., March 31, 2021 /PRNewswire/ – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) (“CP”) and Kansas City Southern (NYSE: KSU) (“KCS”) today announced they have received statements from nearly 260 shippers, other railroads, economic development authorities, ports, and other supporters for their planned combination that would create the first rail network connecting the U.S., Mexico, and Canada. Many of these supporters requested the Surface Transportation Board (“STB”) to review the transaction as swiftly as possible so the systems could be integrated and the end-to-end benefits of this combination can be realized for the benefit of all stakeholders. The statements and letters were filed with the STB.

Shippers and supporters across North American regions and industries – including Maersk, Hyundai Glovis, Kraft, Nestlé, Hapag-Lloyd, North Dakota Grain Dealers Association, Evergreen, Boise Cascade Wood Products Building Materials, Ragasa Industrias S.A., and Ag Processing – stated they expect the combination would, among other benefits, invigorate transportation competition, expand access to existing and growing markets, and provide new service offerings that would improve transit times and reliability. In addition, the nation’s largest short-line holding railroad company, Genesee & Wyoming, has filed in support of the combination, as well as other short-line railroads.

Joining seamlessly in Kansas City, Mo., in America’s heartland, CP and KCS together would connect customers via single-network transportation offerings between points on CP’s system throughout Canada, the U.S. Midwest, and the U.S. Northeast and points on KCS’ system throughout Mexico and the South Central U.S.

The CP-KCS combination is expected to provide an enhanced competitive alternative to existing rail service providers and is expected to result in improved service to customers of all sizes. Grain, automotive, auto-parts, energy, intermodal, and other shippers, would benefit from the increased efficiency and simplicity of the combined network, which is expected to spur greater rail-to-rail competition and support customers in growing their rail volumes. The single integrated rail system would also connect premier ports on the U.S. Gulf, Atlantic and Pacific coasts with key overseas markets.

While remaining the smallest of six U.S. Class 1 railroads by revenue, the combined company would be a much larger and more competitive network. The transaction is also expected to create jobs across the combined network. Additionally, efficiency and service improvements are expected to achieve meaningful environmental benefits.

CP is seeking approval from the STB for the combination, which also remains subject to the approvals of CP and KCS shareholders and other customary closing conditions. The STB review is expected to be completed by the middle of 2022.

For more information on the transaction and the benefits it is expected to bring to the full range of stakeholders, visit www.FutureForFreight.com.

Forward Looking Statements and Information

This news release includes certain forward-looking statements and forward-looking information (collectively, FLI) to provide CP and KCS shareholders and potential investors with information about CP, KCS and their respective subsidiaries and affiliates, including each company’s management’s respective assessment of CP, KCS and their respective subsidiaries’ future plans and operations, which FLI may not be appropriate for other purposes. FLI is typically identified by words such as “anticipate”, “expect”, “project”, “estimate”, “forecast”, “plan”, “intend”, “target”, “believe”, “likely” and similar words suggesting future outcomes or statements regarding an outlook. All statements other than statements of historical fact may be FLI. In particular, this news release contains FLI pertaining to, but not limited to, information with respect to the following: the transaction; the combined company’s scale; financial growth; future business prospects and performance; future shareholder returns; cash flows and enhanced margins; synergies; leadership and governance structure; and office and headquarter locations.

Although we believe that the FLI is reasonable based on the information available today and processes used to prepare it, such statements are not guarantees of future performance and you are cautioned against placing undue reliance on FLI. By its nature, FLI involves a variety of assumptions, which are based upon factors that may be difficult to predict and that may involve known and unknown risks and uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by these FLI, including, but not limited to, the following: the timing and completion of the transaction, including receipt of regulatory and shareholder approvals and the satisfaction of other conditions precedent; interloper risk; the realization of anticipated benefits and synergies of the transaction and the timing thereof; the success of integration plans; the focus of management time and attention on the transaction and other disruptions arising from the transaction; estimated future dividends; financial strength and flexibility; debt and equity market conditions, including the ability to access capital markets on favorable terms or at all; cost of debt and equity capital; the previously announced proposed share split of CP’s issued and outstanding common shares and whether it will receive the requisite shareholder and regulatory approvals; potential changes in the CP share price which may negatively impact the value of consideration offered to KCS shareholders; the ability of management of CP, its subsidiaries and affiliates to execute key priorities, including those in connection with the transaction; general Canadian, U.S., Mexican and global social, economic, political, credit and business conditions; risks associated with agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures, including competition from other rail carriers, trucking companies and maritime shippers in Canada, the U.S. and México; industry capacity; shifts in market demand; changes in commodity prices; uncertainty surrounding timing and volumes of commodities being shipped; inflation; geopolitical instability; changes in laws, regulations and government policies, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; changes in fuel prices; disruption in fuel supplies; uncertainties of investigations, proceedings or other types of claims and litigation; compliance with environmental regulations; labor disputes; changes in labor costs and labor difficulties; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; exchange rates; effects of changes in market conditions and discount rates on the financial position of pension plans and investments; trade restrictions or other changes to international trade arrangements; the effects of current and future multinational trade agreements on the level of trade among Canada, the U.S. and México; climate change and the market and regulatory responses to climate change; anticipated in-service dates; success of hedging activities; operational performance and reliability; customer, shareholder, regulatory and other stakeholder approvals and support; regulatory and legislative decisions and actions; the adverse impact of any termination or revocation by the Mexican government of Kansas City Southern de México, S.A. de C.V.’s Concession; public opinion; various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, and cybersecurity attacks, as well as security threats and governmental response to them, and technological changes; acts of terrorism, war or other acts of violence or crime or risk of such activities; insurance coverage limitations; material adverse changes in economic and industry conditions, including the availability of short and long-term financing; and the pandemic created by the outbreak of COVID-19 and resulting effects on economic conditions, the demand environment for logistics requirements and energy prices, restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions, and disruptions to global supply chains.

We caution that the foregoing list of factors is not exhaustive and is made as of the date hereof. Additional information about these and other assumptions, risks and uncertainties can be found in reports and filings by CP and KCS with Canadian and U.S. securities regulators, including any proxy statement, prospectus, material change report, management information circular or registration statement to be filed in connection with the transaction. Due to the interdependencies and correlation of these factors, as well as other factors, the impact of any one assumption, risk or uncertainty on FLI cannot be determined with certainty.

Except to the extent required by law, we assume no obligation to publicly update or revise any FLI, whether as a result of new information, future events or otherwise. All FLI in this news release is expressly qualified in its entirety by these cautionary statements.

Non-GAAP Measures

Although this press release includes forward-looking non-GAAP measures (adjusted diluted EPS, Free cash flow, earnings before interest, tax, depreciation and amortization (EBITDA), and a leverage ratio being adjusted net debt to adjusted earnings before interest, tax, depreciation and amortization (EBITDA)), it is not practicable to reconcile, without unreasonable efforts, these forward-looking measures to the most comparable GAAP measures (diluted EPS, Cash from operations, Net income, and long-term debt to net income ratio, respectively), due to unknown variables and uncertainty related to future results. These unknown variables may include unpredictable transactions of significant value. Please see Note on forward-looking Statements above for further discussion.

About Canadian Pacific

Canadian Pacific is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. CP provides North American customers a competitive rail service with access to key markets in every corner of the globe. CP is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see the rail advantages of CP. CP-IR

About KCS

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances are primary components of a railway network, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

ADDITIONAL INFORMATION ABOUT THE TRANSACTION AND WHERE TO FIND IT

CP will file with the U.S. Securities and Exchange Commission (SEC) a registration statement on Form F-4, which will include a proxy statement of KCS that also constitutes a prospectus of CP, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the shareholders of KCS. CP will also file a management proxy circular in connection with the transaction with applicable securities regulators in Canada and the management proxy circular will be sent to CP shareholders. INVESTORS AND SHAREHOLDERS OF KCS AND CP ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, AS APPLICABLE, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT KCS, CP, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by CP and KCS with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. In addition, investors and shareholders will be able to obtain free copies of the registration statement, proxy statement/prospectus, management proxy circular and other documents which will be filed with the SEC and applicable securities regulators in Canada by CP online at investor.cpr.ca and www.sedar.com, upon written request delivered to CP at 7550 Ogden Dale Road S.E., Calgary, Alberta, T2C 4X9, Attention: Office of the Corporate Secretary, or by calling CP at 1-403-319-7000, and will be able to obtain free copies of the proxy statement/prospectus and other documents filed with the SEC by KCS online at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’s Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at [email protected].

You may also read and copy any reports, statements and other information filed by KCS and CP with the SEC at the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at 1-800-732-0330 or visit the SEC’s website for further information on its public reference room. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

PARTICIPANTS IN THE SOLICITATION OF PROXIES

This communication is not a solicitation of proxies in connection with the transaction. However, under SEC rules, CP, KCS, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction. Information about CP’s directors and executive officers may be found in its 2021 Management Proxy Circular, dated March 10, 2021, as well as its 2020 Annual Report on Form 10-K filed with the SEC and applicable securities regulators in Canada on February 18, 2021, available on its website at investor.cpr.ca and at www.sedar.com and www.sec.gov. Information about KCS’s directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. These documents can be obtained free of charge from the sources indicated above. Additional information regarding the interests of such potential participants in the solicitation of proxies in connection with the transaction will be included in the proxy statement/prospectus and management proxy circular and other relevant materials filed with the SEC and applicable securities regulators in Canada when they become available.

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SOURCE Canadian Pacific