VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 11, 2014) - Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") is pleased to announce that further to its news releases of January 21 and February 27, 2014, it has closed its securities exchange with Global Resources Investment Trust plc ("GRIT").
The Company issued 5,400,000 common shares at a deemed price of $0.06 per share to GRIT, in exchange for 179,920 ordinary shares of GRIT (the "GRIT Shares"), at the deemed price of £1.00 per GRIT Share. A finder's fee of 432,000 shares of the Company (or $25,920 at a deemed price of $0.06 each) was paid on closing to an arm's length party. All securities issued in connection herewith are subject to resale restrictions and have a statutory four month hold period.
The GRIT Shares were distributed pursuant to a prospectus published by GRIT in the UK on February 28, 2014. GRIT's application to list its ordinary shares on the premium listing segment of the Official List and to trade on the London Stock Exchange's main market became effective today. GRIT's distribution of the GRIT Shares to the Company and other Canadian based issuers was also made pursuant to a discretionary exemption order granted by the Ontario and British Columbia Securities Commissions by order dated November 13, 2013.
GRIT has been established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIT has conducted share exchange transactions with 41 junior resource companies (32 headquartered in Canada), acquiring an initial portfolio of their securities in exchange for 39,520,012 ordinary shares having a deemed value of £39,520,012 (approximately C$73,250,000).
Scott E. Broughton, P.Eng., President and CEO
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.
Certain statements set out in this News Release constitute forward-looking statements. Forward-looking statements (i) are often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate", or "will", and similar expressions; (ii) are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. In particular there is no assurance that the Company will realize at least £1.00 per GRIT Share upon the sale thereof, or that the Company will realize proceeds from the sale of the GRIT Shares in a timely manner.