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Metallorum Completes Acquisition of 85% Ownership of the Common Shares of GFM Resources Limited

ID: 1511887
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(businesspress24) - SAN PEDRO GARZA GARCIA, MEXICO -- (Marketwired) -- 06/30/17 -- Metallorum Holding, S.A.P.I. de C.V. ("Metallorum") announces that on June 30, 2017, it completed the purchase of an aggregate of 16,370,215 common shares of GFM Resources Limited ("GFMR") from its affiliate Compania Minera Autlan, S.A.B. de C.V. ("Autlan"). The number of shares represents ownership of 85.77% of the issued and outstanding common shares of GFMR. Prior to the acquisition, Metallorum held no shares of GFMR.

GFMR is a Yukon-incorporated company listed on the NEX with a head office at Suite 2000 - 1066 West Hastings Street, Vancouver, BC, V7W 2Y3, Canada. Metallorum is a private Mexican company with offices at Av. Pedro Ramirez, Vazquez, 200 - 10, col. Valle Oriente, 66269 San Pedro Garza Garcia, Nuevo Leon, Mexico.

Metallorum paid Autlan the amount equivalent to CAD $264,000 in cash, or CAD $0.0161 per common share, being less than 115% of the most recent closing market price of GFMR common shares.

The acquisition was completed on a private sale basis pursuant to a Share Purchase and Sale Agreement (the "Agreement") between Metallorum and Autlan. Metallorum and Autlan are both under the common control of Mr. Jose Antonio Rivero Larrea, a Mexican national with an office address at Av. Pedro Ramirez Vazquez 200-10, Col. Valle Oriente, 66269 San Pedro Garza Garcia, Nuevo Leon, Mexico. As the controlling shareholder of Metallorum, Mr. Rivero Larrea may be deemed to be a joint actor with Metallorum. The transaction did not affect Mr. Rivero Larrea''s control of GFMR. The transaction was a part of a corporate reorganization of Mr. Rivero Larrea''s shareholdings. Mr. Rivero Larrea is also a director of GFMR.

The acquisition was completed outside of Canada and would be exempt from the formal take-over bid requirements of securities legislation pursuant to the exemption set out in Section 4.2 of Multilateral Instrument 62-102 (the "Instrument"). In accordance with that exemption, the purchase was made from only one person, no offer was made generally to the common shareholders of GFMR, and the purchase price for the common shares was less than 115% of the market price of the common shares, calculated in accordance with the Instrument.

This press release is being disseminated as required by National Instrument 62-103 "Early Warning System and Related Take-Over Bid and Insider Reporting Issues" and Multilateral Instrument 62-104 "Take-Over Bids and Issuer Bids". An early warning report (the "Early Warning Report") containing the information with respect to the foregoing matters will be filed shortly under GFMR''s profile on SEDAR () and a copy thereof shall be promptly sent to anyone who requests it from the person noted below.

About Metallorum:

Metallorum is a Mexican corporation that acquires, develops and operates precious metal projects and assets in Mexico and North America. It is a special purpose vehicle established by SFM Holding - a private family-controlled holding company, and Compania Minera Autlan, S.A.B. de C.V., a listed company in the Mexican Stock Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Contacts:


Mr. Horacio Alcocer
Chief Financial Officer
(+52) 81 8152-1549



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published by: Marketwired
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Date: 06/30/2017 - 20:00
Language: English
News-ID 1511887
Character count: 3465
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Firma: Metallorum Holding, S.A.P.I. de C.V.
Ansprechpartner: Feedback to businesspress24.com about Pressrelease-id:
Stadt: SAN PEDRO GARZA GARCIA, MEXICO
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