VANCOUVER, April 8, 2013 /CNW/ - WAD Consult AG ("WAD") announces it has acquired an aggregate of 10,950,000 common shares (the "Transaction Shares") in the capital of GB Minerals Ltd. ("GBM") pursuant to the terms of a share purchase and exchange agreement (the "SPEA") among WAD, Aterra Investments Limited ("Aterra"), GBM, Plains Creek Mining Limited ("PCML"), a 100 % wholly-owned direct subsidiary of GBM, and GB Minerals AG ("GB Minerals").
GB Minerals is the title holder of certain mineral rights comprising GBM's Farim Phosphate Project located in the Republic of Guinea Bissau in West Africa.
On April 4, 2013 (the "Closing Date"), pursuant to the terms of the SPEA, GBM indirectly acquired all of the 49.9% of the shares of GB Minerals that were held by WAD and Aterra and thereby became the sole direct shareholder of GB Minerals (the "Transaction").
In consideration for acquiring all of the GB Mineral's shares held by WAD, GBM issued WAD 9,700,000 common shares in the capital of GBM. GBM also issued WAD 1,250,000 common shares in the capital of GBM in exchange for WAD assigning GBM C$500,000 worth of debt, which GBM subsequently assigned to PCML.
As a result of the Transaction, WAD now holds an aggregate of 16,000,000 common shares in the capital of GBM, representing approximately 40% of the issued and outstanding of GBM on a non-diluted basis.
WAD acquired the Transaction Shares for investment purposes.
SOURCE: WAD Consult AG
For further information:
including a copy of the corresponding report filed with Canadian securities regulators, contact:
Chief Financial Officer and Corporate Secretary
Telephone: (604) 569‐0721
WAD Consult AG
Geisserweg 3, 8306
Fax: +41 44 835 80 88