Zaff LP

March 02, 2016 08:06 ET

Zaff LP Completes Acquisition of Common Shares in GB Minerals Ltd.

TORONTO, ONTARIO--(Marketwired - March 2, 2016) - Zaff LP ("Zaff") announced that it has acquired 35,561,081 common shares (the "Debt Settlement Shares") in the capital of GB Minerals Ltd. (the "Corporation"), pursuant to the terms of a debt settlement agreement entered into between Zaff, the Corporation, De Jong Capital LLC and Alpha Infrastructure LLC, dated February 22, 2016 (the "Debt Settlement Agreement"), whereby the Debt Settlement Shares were issued in full and final settlement of outstanding amounts owed to Alpha Infrastructure LLC and De Jong Capital LLC, companies related to Zaff, under certain promissory notes totalling $1,955,859.50, at a deemed price of $0.055 per Debt Settlement Share (the "Transaction").

Prior to the completion of the Transaction, Zaff had direct ownership of 71,565,366 common shares in the capital of the Corporation, which together with 15,096,946 common shares over which its joint actors had ownership or control represented an aggregate of 86,662,312 common or 26.08% of the issued and outstanding common shares of the Corporation, along with $1,550,000 in principal amount of promissory notes.

Following the Transaction, the Zaff has direct ownership of 107,126,448 common shares of the Corporation, and together with 15,096,946 common shares held by joint actors, represents an aggregate 122,223,394 common shares or 29.25% of the issued and outstanding common shares of the Corporation.

Zaff acquired the Debt Settlement Shares for investment purposes and intends to evaluate the investment and to increase or decrease its holdings in the Corporation as circumstances warrant.

Contact Information

  • Zaff LP
    Attention: Brent de Jong
    1-713-239-2701