Itafos merge with Canadian mining company GB Minerals

Itafos to merge with Canadian mining company GB Minerals

5:19 AM, 30th December 2017
GB Minerals’ Farim phosphate project in Guinea-Bissau, West Africa.
GB Minerals’ Farim phosphate project in Guinea-Bissau, West Africa.

TORONTO, CANADA: Itafos, an integrated producer of phosphate-based fertilizers has entered into a definitive arrangement agreement to merge with GB Minerals, which owns the Farim phosphate project in Guinea-Bissau, West Africa, with a view to further develop the Farim project.

Itafos is the second largest investor in GB Minerals since January 2014.

GB Minerals shareholders said that it will benefit from the opportunity to participate in a combined company with enhanced technical expertise, project management capabilities and financial resources.

Directors and executive officers of GB Minerals, as well as Aterra, collectively holding 48.67 percent of the outstanding common shares of GB Minerals, have entered into voting support agreements with Itafos in respect of the transaction.

Aterra to become and remain a shareholder in Itafos. The disinterested members of the boards of directors of both Itafos and GB Minerals have unanimously approved the transaction which is expected to close in late February 2018.

“The transaction with Itafos provides a clear path for the Farim project to be fully financed and developed with a group that has rapidly demonstrated it can transact and operate fertilizer businesses and we look forward to further updating shareholders of this exciting progress,” said Luis da Silva, president and CEO of GB Minerals.

“With the consolidation of Itafos’ interest in GB Minerals, Itafos further diversifies its strategic positioning and asset base with the Farim project, what we believe to be one of the highest quality phosphate projects in the world, and we look forward to continuing working with all its stakeholders as the project advances,” added Brian Zatarain, CEO of Itafos.

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