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Green Shift Commodities Closes Acquisition of the Rio Negro Hard Rock Lithium Project and Appoints New Executive Chairman
TORONTO, March 20, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that is h
About this update from Green Shift Commodities Ltd
[{"type":"text","content":" TORONTO, March 20, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that is has closed the previously announced acquisition (the “Acquisition”) of LFP Resources Corp. (“LFP”), a privately owned Canadian exploration company, which holds an aggregate of approximately 300,000 hectares (“Ha”) of prospective lithium ground in Rio Negro, Chubut, and Neuquén Provinces in Argentina (the “Rio Negro Project” or “Project”) with the option to acquire approximately 200,000 additional Ha. Key aspects of the acquisition include: Early Mover Advantage – GCOM is one of only a handful of companies pursuing lithium pegmatite opportunities in Argentina, a premier lithium mining jurisdiction. Large and Prospective Land Position – The Project covers over 500,000 Ha with 19 separate pegmatite bodies identified with assay results from 60 rock chip samples, taken during prior exploration of the Project, ranging from 0.6% Li2O to 4.1% Li2O, averaging 2.0% Li2O. Technical Team in Place – New Executive Chairman, Peter Mullens, brings over 20 years of experience in Argentina and will be leading an in-country expert team that has over 150 years of experience in Argentina with a focus on Lithium. Work Programs Commencing Immediately – Programs to include, trenching, mapping and sampling known pegmatites as well as prospecting for new occurrences on the balance of the Project area. Additional Opportunities Being Pursued – Based on the team’s extensive experience, additional lithium opportunities have been identified and are being evaluated for possible acquisition with the goal of building out a robust portfolio of projects. Pursuant to the Acquisition, GCOM acquired all the outstanding shares of LFP for consideration of an up-front payment of USD$75,000 and the issuance of 17,500,000 common shares of GCOM (“Common Shares”), at a deemed price of C$0.14, being the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the day immediately prior to closing of the Acquisition. In addition, as a result of the Acquisition, GCOM has the right, but not the obligation, pursuant to two separate option agreements, to acquire an additional approximately 200,000 Ha of prospective lithium ground in Rio Negro, Chubut, and Neuquén Provinces in Argentina for US$50,000 (b...