Ann: Results of General Meeting , page-26

ASX??Announcement?
21?September?2010?????
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Phosphate?Deal?Secures?GBM?Resources?with?$1.8m?in?Funding?
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Australian?resources?company?GBM?Resources?Limited?(ASX?code:?GBZ)?(?GBM??or??the?Company?)?is?pleased?to?announce?that?it?has?entered?into?a?binding?agreement?with?Swift?Venture?Holdings?Corporation?(SVH)?over?the?company?s?phosphate?assets?located?southeast?of?Mount?Isa?in?North?Queensland.
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Under?terms?of?the?agreement?SVH?will?acquire?a?70%?interest?in?the?phosphate?assets?by?subscribing?for?a?placement?of?17.8?million?shares?at?an?issue?price?of?A$0.10?and?17.8?million?options?exercisable?at?A$0.20?on?or?before?30?June?2013.?The?total?subscription?amount?of?A$1.78?million?is?to?be?settled?within?7?days.
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Of?the?SVH?placement?funds,?A$280,000?of?working?capital?will?be?allocated?to?phosphate?exploration?in?which?GBM?will?manage?on?behalf?of?SVH.?GBM?retains?a?30%?free?carried??interest?until?completion?of?a?bankable?feasibility?study.
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The?original?terms?of?the?option?agreement?was?announced?on?8?July?2010?and?can?be?viewed?on?the?Company?s?website?www.gbmr.com.au.
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Key?differences?from?the?prior?phosphate?agreement?are:
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1.
GBM?increases?its?retained?interest?to?30%,?a?10%?increase.
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2.
A$280,000?of?GBM?s?working?capital?will?be?allocated?to?phosphate?exploration?which?reduces?its?commitment?from?the?previous?A$600,000.?All?future?exploration?expenditure?will?be?met?by?SVH.
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The?Company?has?reduced?the?share?subscription?by?10.2?million?shares?and?options.
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Greenday?Corporate?has?acted?as?advisors?to?the?phosphate?transaction.
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This?transaction?completes?the?Company?s?successful?funding?strategies?in?recent?months,?whereby?together?the?placement,?priority?offer?and?joint?venturing?its?phosphate?rights?have?raised?gross?proceeds?of?A$3?million?at?a?significant?premium?to?the?current?market?price?for?GBM?shares.?The?company?is?now?fully?funded?for?its?exploration?activities?into?next?year.
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GBM?s?core?focus?remains?the?copper?gold?assets?in?northern?Queensland?with?the?remaining?funds?to?be?used?on?exploration?activties?at?its?flagship?Brightlands?copper?gold?Project?and?the?gold?exploration?assets?at?Malmsbury?in?central?Victoria.
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