On May 13, 2020, Guyana Goldfields Inc. announced that its board of directors, after consideration and consultation with its financial and legal advisors, has unanimously determined to reject the unsolicited proposal announced by Gran Colombia Gold Corp. on May 11, 2020 to acquire all of the issued and outstanding common shares of the Company for consideration consisting entirely of Gran Colombia shares. The Company also stated that its Board reaffirms its unanimous support for the transaction previously entered into with Silvercorp Metals Inc. and announced on April 27, 2020.