(MENAFN- GlobeNewsWire - Nasdaq) TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM) (OTCQB: GRCMF), (“Green Shift”,“GCOM” or the “Company”) is pleased to announce that it has closed the previously announced acquisition (the“ Acquisition ”) of a 25% interest in Pampa Litio S.A. (“ Pampa Litio ”) from New Peak Metals Limited (ASX: NPM). Pampa Litio is a private Argentinean company exploring for hard rock spodumene bearing pegmatites in the Pampean Ranges of Central Argentina.
Terms of the Pampa Litio Acquisition
Pursuant to the Acquisition, GCOM has acquired a 25% interest in Pampa Litio for a consideration comprised of CAD$150,000 in cash and 535,714 common shares of GCOM (the “Common Shares” ) issued at a deemed price of $0.14 per share, which is the 7-day volume weighted average trading price of the Common Shares traded on the TSX Venture Exchange on the day immediately prior to signing the definitive agreement in respect of the Acquisition.
The Common Shares issued in connection with the Acquisition are subject to a hold period expiring four months and one day from the date of issuance. There are no finders' fees payable in connection with the Acquisition and New Peak is an arms-length party with respect to the Company.
About Pampa Litio
Pampa Litio was created by Argentinean geologists to explore for hard rock lithium bearing pegmatites, particularly within the Province of San Luis which has historical occurrences of lithium bearing pegmatites. New Peak acquired an interest in the Mineral Exploration Tenements of Pampa Litio and completed a number of early-stage exploration programs. GCOM completed the Acquisition with a view to continuing this exploration in a highly prospective region.
To date, Pampa Litio has applied for four exploration titles totaling 34,300 hectares within the San Luis Province in Argentina. The Pampean Ranges are host to numerous granitic pegmatites with historic mineral resources that have been mined during the past 90 years, accounting for the majority of the feldspar, quartz, mica, beryllium, tungsten, lithium, tantalum and rubidium produced in Argentina.
Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by Peter Mullens (FAusIMM), Executive Chairman of the Company, who is a“Qualified Person” in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About Green Shift Commodities Ltd.
Green Shift Commodities Ltd. is focused on the exploration and development of commodities needed to help decarbonize and meet net-zero goals.
The Company is developing the Berlin Deposit in Colombia. Apart from uranium, for clean nuclear energy, the Berlin Deposit contains battery commodities including nickel, phosphate, and vanadium. Phosphate is a key component of lithium-ion ferro-phosphate (“LFP”) batteries that are being used by a growing list of electric vehicle manufacturers. Nickel is a component of various lithium-ion batteries, while vanadium is the element used in vanadium redox flow batteries. Neodymium, one of the rare earth elements contained within the Berlin Deposit, is a key component of powerful magnets that are used to increase the efficiency of electric motors and in generators in wind turbines.
The Company recently acquired the district scale Rio Negro Project in Argentina. This Project represents an exciting opportunity to unlock the potential of over 500,000 Ha of land, known to contain hard rock lithium pegmatite occurrences that were first discovered in the 1960s but have seen little exploration since.