Green Shift Commodities Ltd. (“Green Shift”, “GCOM,” or the “Company”) is delighted to declare that it has signed a definitive agreement (the “Agreement”) with New Peak Metals Limited (“New Peak”), to gain (the “Acquisition”) a 25% interest in Pampa Litio S.A. (“Pampa Litio”).
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Pampa Litio, a private Argentinean company, explores for hard rock spodumene-containing pegmatites in the Pampean Ranges of Central Argentina.
In accordance with the Agreement dated March 22nd, 2023, GCOM has decided to pay CAD$150,000 in cash and to issue 535,714 GCOM’s common shares (the “Common Shares”) as consideration for 25% interest of New Peak in Pampa Litio; given that, in some scenarios, the Company has decided to pay CAD$75,000 in cash as soon as issuing the Common Shares.
At a deemed price of $0.14 per share, the Common Shares will be provided. This is the seven-day volume weighted average trading price of the Common Shares transacted on the TSX Venture Exchange (the “TSXV”) until the date before the Agreement signing. The Acquisition completion depends on the agreement of the TSXV and the satisfaction of other closing conditions customary in transactions of this type.
Any Common Shares provided concerning the Acquisition will be made to experience a hold period that expires in four months and one day from the issuance date. No finders’ fees need to be paid in regard to the Acquisition, and New Peak is an arms-length party in connection to the Company.
Argentinean geologists created Pampa Litio to explore hard rock lithium-containing pegmatites, specifically within the Province of San Luis, which possesses historical occurrences of lithium-bearing pegmatites. New Peak gained an interest in Pampa Litio’s Mineral Exploration Tenements and finished several early-stage exploration programs. GCOM is getting into this Agreement to pursue this exploration in a highly prospective region.
Until now, Pampa Litio has applied for four exploration titles that include 34,300 hectares inside the San Luis Province in Argentina. The Pampean Ranges accommodate a number of granitic pegmatites with historic mineral resources that have been mined in the last 90 years. This account for most of the quartz, feldspar, mica, tungsten, beryllium, lithium, rubidium, and tantalum produced in Argentina.
We are pleased to announce this transaction which provides GCOM with exposure to a second hard rock lithium project in Argentina, following the recent acquisition of the Rio Negro project.
Trumbull Fisher, CEO and Director, Green Shift Commodities Inc.
Fisher continues, "Argentina is well known as a top tier jurisdiction for lithium brine projects however is lesser known for its hard rock potential. Increasingly, and for good reason, hard rock lithium assets are gaining favor amongst the investment community thanks to recent stand out successes in Australia, Canada and Brazil. Argentina’s hard rock potential is sizable and relatively untapped as of yet. Now, with a second project in our portfolio, and a dedicated in- country geological team with decades of experience in hard rock lithium exploration, we believe GCOM is well positioned as a first mover in Argentina and we are excited about the potential of both projects."
Source: https://www.greenshiftcommodities.com/