TORONTO, ONTARIO--(Marketwired - Dec. 6, 2016) - A.B. Aterra Resources Ltd. ("Aterra Resources") announces that it has purchased 273,147,796 outstanding common shares (the "Purchased Shares") of GB Minerals Ltd. ("GB Minerals"), representing approximately 25.1% of the 1,089,419,050 issued and outstanding common shares as of November 28, 2016, from A.B. Aterra Investments Limited ("Aterra Investments" and together with Aterra Resources, the "Aterra Entities") at a price of C$0.08 per share, for an aggregate purchase price of C$21,851,823.68. The transaction was effective as of December 5, 2016.
Prior to its acquisition of the Purchased Shares, Aterra Resources owned 233,432,062 common shares, representing approximately 21.4% of the issued and outstanding common shares as of November 28, 2016. Following its acquisition of the Purchased Shares, Aterra Resources owns 506,579,858 common shares, representing approximately 46.5% of the issued and outstanding common shares as of such date.
The Purchased Shares constituted all of the common shares held by Aterra Investments prior to the completion of this transaction, and as a result, Aterra Investments no longer holds any common shares of GB Minerals.
The sale and purchase of the Purchased Shares was completed as part of a reorganization of the direct and indirect investment holdings of Mr. Alexey Mordashov. Aterra Resources holds its interest in common shares of GB Minerals for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of GB Minerals. Depending on their evaluation of these and other factors, the Aterra Entities may from time to time in the future increase or decrease their direct or indirect ownership, control or direction over the common shares or other securities of GB Minerals through market transactions, private agreements, subscriptions from treasury or otherwise.