VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 27, 2014) - Santa Fe Metals Corporation (TSX VENTURE:SFM) ("SFM" or the "Company") is pleased to announce that it is proceeding with its previously announced financing arrangement by way of a share exchange agreement (the "Agreement") with Global Resources Investments Ltd. ("GRIL"), an arm's length party to the Company.
As disclosed in the Company's news release of January 21, 2014, GRIL was established to exploit investment opportunities in the junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth.
GRIL will re-register as a public company and be constituted as an investment trust with the name Global Resources Investment Trust Plc ("GRIT") and, concurrently, it is seeking admission of its ordinary shares on the main market for trading on the London Stock Exchange.
The Company and GRIL have entered into the Agreement whereby the Company will issue subscriber for 179,920 ordinary shares of GRIT (each, a "GRIT Share") at a deemed value of GBP 1.00 per GRIT Share in exchange for the issuance of 5,400,000 common shares of the Company (each, a "SFM Share") at a deemed price of $0.06 per SFM Share, representing approximately 17% of SFM's issued and outstanding share capital. A finder's fee of 432,000 shares of the Company (or $25,920 at a deemed price of $0.06) will be paid on closing to an arm's length party. All securities issued by the Company in connection herewith will have a statutory four month hold period.
Closing of the transaction is subject to a number of conditions precedent, including the approval of the TSX Venture Exchange and GRIT successfully listing on the London Stock Exchange.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Santa Fe Metals CorporationScott E. Broughton, P.Eng.
President and CEO
Source: Santa Fe Metals Corp.