Gran Colombia Gold Corp. announced that it entered into a letter of intent ("LOI") on August 31, 2019 with Western Atlas Resources Inc. outlining the terms on which it intends to spin off its Venezuelan assets in exchange for USD 20 million in common shares of Western Atlas and also acquire up to a 19.9% equity interest in Western Atlas by way of a CAD 1.4 million subscription into Western Atlas' proposed private placement. The LOI further contemplates that upon closing of the Private Placement, Miguel de la Campa, Vice Chairman of Gran Colombia, will be appointed to the Board of Western Atlas, and that Gran Colombia will also be entitled to appoint one additional member to the Board of Western Atlas at its next annual general meeting. Serafino Iacono, Executive Chairman of Gran Colombia, currently serves as non-executive Chairman and beneficially owns/controls approximately 21% of the outstanding shares of Western Atlas.