Phosphate

Itafos (TSXV:IFOS) and GB Minerals Ltd. (TSXV:GBL) announced that they have entered into a definitive arrangement agreement under which Itafos will acquire all the issued and outstanding common shares of GB Minerals in exchange for ordinary shares of Itafos.

Itafos (TSXV:IFOS) and GB Minerals Ltd. (TSXV:GBL) announced that they have entered into a definitive arrangement agreement under which Itafos will acquire all the issued and outstanding common shares of GB Minerals in exchange for ordinary shares of Itafos.
Highlights of the deal are as follows:

  • Itafos, the second largest investor in GB Minerals since January 2014, to merge with GB Minerals, which owns the Farim phosphate project in Guinea-Bissau, West Africa, with a view to further develop the Farim project
  • GB Minerals shareholders benefit from the opportunity to participate in a combined company with enhanced technical expertise, project management capabilities and financial resources
  • Directors and executive officers of GB Minerals, as well as Aterra, collectively holding 48.67% of the outstanding common shares of GB Minerals, have entered into voting support agreements with Itafos in respect of the transaction
  • Aterra to become and remain a shareholder in Itafos
  • The disinterested members of the boards of directors of both Itafos and GB Minerals have unanimously approved the transaction which is expected to close in late February 2018

Luis da Silva, president and CEO of GB Minerals, commented:

The transaction with Itafos provides a clear path for the Farim project to be fully financed and developed with a group that has rapidly demonstrated it can transact and operate fertilizer businesses and we look forward to further updating shareholders of this exciting progress.

Click here to read the full Itafos (TSXV:IFOS) and GB Minerals Ltd. (TSXV:GBL) press release.

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