Minera Autlan S. A. B. de C. V.

Minera Autlan S. A. B. de C. V.

March 05, 2010 21:46 ET

Autlan Exercises Warrants of GFM Resources Limited

GARZA GARCIA, MEXICO--(Marketwire - March 5, 2010) - Grupo Ferrominero S.A. de C. V. ("Grupo") and its subsidiary Compañía Minera Autlán S.A.B. de C.V. ("Autlán") announce that Autlan has acquired shares of GFM Resources Limited (the "Company") which have taken it over securities reporting thresholds. As a result of the transactions set out below, Grupo directly and indirectly through Autlán owns or exercises control or direction over 15,370,215 common shares of the Company, representing 85.37% of the Company (16,370,215 common shares, or 86% assuming the exercise other outstanding warrants).

On March 3, 2010, Autlán acquired ownership of 800,000 common shares of the Company, representing 4.65% of the outstanding shares of the Company prior to this issuance, pursuant to the exercise of share purchase warrants with an exercise price of $0.10 per warrant, for cash proceeds to the Company of $80,000. Autlán now owns 14,260,082 common shares of the Company, representing 79.2% of the issued and outstanding shares of the Company (80.3% assuming exercise of other outstanding warrants). The present issuance represents for Autlan an increase in control of the Company from 78.2% to 79.2%.

Other than Autlán, no person has acted jointly or in concert with Grupo with respect to this acquisition. The acquisition was made for investment purposes. Grupo or Autlán may acquire ownership of, or control over, additional securities of the Company, either pursuant to the exercise of warrants, or the conversion of additional convertible loans that may be made to the Company, or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Compania Minera Autlan S.A.B. de C.V.
    Aida Gonzalez
    +52 81 8152-1528