|By PR Newswire||
|August 25, 2014 06:08 PM EDT||
TORONTO, Aug. 25, 2014 /CNW/ - Aterra Investments Limited ("Aterra") announces that on August 21, 2014, in connection with a private placement (the "Offering") of up to 136,367,945 common shares ("Common Shares") of GB Minerals Ltd. ("GB Minerals"), Aterra entered into a subscription agreement to, subject to certain closing conditions, subscribe for 88,947,214 Common Shares (the "Subscribed Shares"). Assuming the Offering is fully subscribed, the Subscribed Shares will represent approximately 43.9% of the then outstanding Common Shares, based upon an aggregate of 66,425,117 Common Shares previously outstanding as at July 31, 2014.
Aterra currently owns 26,067,450 Common Shares (the "Owned Shares") and $3,100,000 aggregate principal amount of 10% secured convertible debentures (the "Debentures") of GB Minerals. Assuming the Offering is fully subscribed, that Aterra was to fully convert its Debentures, but none of the interest thereon, on or prior to the closing of the Offering, and assuming no other new issuances of Common Shares by GB Minerals at or prior to such time, then upon the closing of the Offering Aterra would beneficially own an aggregate of 130,514,664 Common Shares, representing approximately 59.8% of the then outstanding Common Shares.
Aterra will acquire the Subscribed Shares for investment purposes and continues to monitor the business, prospects, financial condition and potential capital requirements of GB Minerals. Depending on its evaluation of these and other factors, Aterra may from time to time in the future increase or decrease its ownership, control or direction over the Common Shares or other securities of GB Minerals through market transactions, private agreements, subscriptions from treasury or otherwise.
SOURCE Aterra Investments Limited
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