MBAC Fertilizer Corp. Acquires Shares of GB Minerals Ltd.

TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - MBAC Fertilizer Corp. (MBAC) announced that it has acquired ownership of and control over 341,470,265 common shares (Acquired Shares) of GB Minerals Ltd. (GB Minerals) pursuant to the implementation of a plan of compromise and arrangement under the Companies' Creditors Arrangement Act (Canada) (the Restructuring).

Pursuant to the Restructuring, MBAC indirectly acquired the Acquired Shares through the acquisition of Zaff LP from Zaff LLC in exchange for the issuance of 853,675,665 common shares of MBAC. MBAC did not provide any additional consideration to acquire the Acquired Shares.

Prior to the Restructuring, MBAC had no direct or indirect ownership of or control over common shares of GB Minerals.

Following the Restructuring, MBAC has indirect ownership of and control over 341,470,265 Acquired Shares, representing approximately 31.3% of the issued and outstanding Common Shares (on an undiluted basis).

MBAC may take actions in the future in respect of its holdings in GB Minerals based on the then existing facts and circumstances, which actions could include, 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 registered office of MBAC is located at Suite 1500 - 701 West Georgia Street, Vancouver, British Columbia, V7Y 1C6.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, please contact: