Zaff LP Acquires Common Shares of GB Minerals Ltd.

TORONTO, July 15, 2016 /CNW/ - Zaff LP (Zaff) announced that it has acquired, on a private placement basis pursuant to a subscription agreement with GB Minerals Ltd. (GB Minerals), ownership of and control over 265,328,536 common shares of GB Minerals (the Private Placement Shares) at a price of C$0.055 per Private Placement Share, for an aggregate purchase price of $14,593,069.48 (the Private Placement).

Prior to the completion of the Private Placement, Zaff had direct or indirect ownership of or control over 122,223,394 common shares of GB Minerals, representing 25.16% of the issued and outstanding common shares of GB Minerals.  Following the completion of the Private Placement, Zaff had direct or indirect ownership of or control over 387,551,930 common shares of GB Minerals, representing 51.6% of the issued and outstanding common shares of GB Minerals (on an undiluted basis).

In connection with a subscription agreement dated July 8, 2016 between GBM Minerals Engineering Consultants Limited (GBMMEC) and Zaff LLC, Zaff has acquired 9,000,000 common shares of GB Minerals (the Shares) from GBMMEC in partial consideration for the subscription by GBMMEC for units of Zaff LLC, Zaff's parent entity.  Following acquisition of the Shares, Zaff has direct or indirect ownership of or control over 396,551,930 common shares of GB Minerals, representing 52.80% of the issued and outstanding common shares of GB Minerals (on an undiluted basis). 

The Private Placement Shares and Shares are being acquired for investment purposes. However, Zaff may take such actions in respect of its holdings in GB Minerals as it deems appropriate in light of the circumstances then existing, including, without limitation, acquisitions or dispositions of shares, whether in the open market, by privately negotiated agreement or otherwise, or in connection with a strategic transaction with GB Minerals. 

The head office of GB Minerals is located at Suite 1500 – 701 West Georgia Street, Vancouver, British Columbia V7Y 1C6.

SOURCE Zaff LP

Zaff LP, P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands, KY1-1104, Attention: Brent de Jong, Telephone: [phone]