Itafos and GB Minerals Complete Plan of Arrangement

Itafos (TSX-V:IFOS) and GB Minerals Ltd. (“GB Minerals”) (TSX-V:GBL) are pleased to announce today the completion of the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”), pursuant to which Itafos acquired all of the issued and outstanding common shares of GB Minerals (the “GB Minerals Shares”) not already owned directly or indirectly by Itafos in exchange for ordinary shares of Itafos (the “Itafos Shares”) or a combination of Itafos Shares and cash, as further described below.

As a result of the Arrangement, GB Minerals has become an indirect and wholly owned subsidiary of Itafos.

Under the Arrangement, holders of GB Minerals Shares (the “GB Minerals Shareholders”), other than Itafos and its affiliates, were able to elect to receive one of the following: (i) 0.035714 of an Itafos Share for each GB Minerals Share held (the “Share Option”)

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