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Green Shift Commodities Expands Lithium Portfolio with Acquisition of Armstrong Project in Ontario, Canada and Provides Corporate Update
TORONTO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM and OTCQB: GRCMF), (“Green Shift”, “GCOM” or the “Company”) is pleased to an
About this update from Green Shift Commodities Ltd
[{"type":"text","content":" TORONTO, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM and OTCQB: GRCMF), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that it has signed a definitive purchase and sale agreement (the “Agreement”) dated August 15, 2023, to acquire (the “Transaction”) an existing option (the “Option”) to purchase a 100% interest in the Armstrong Lithium Project (the “Armstrong Project” or the “Project”). The Project consists of 90 contiguous claims totaling ~1,800 ha, located in the Seymour-Crescent-Falcon lithium belt, ~55 km northeast of the town of Armstrong and ~245 km from Thunder Bay in Ontario, Canada. Highlights Expands GCOM’s lithium portfolio into the mining friendly jurisdiction of Ontario, Canada. Adds a third project in a known lithium belt, recognized for its recent exploration successes including the development of the nearby Seymour Project owned by Green Technology Metals Ltd. (“GT1”). Potential upside of critical metals – Molybdenum, Copper, Silver with untested exploration upside. Opportunistic acquisition with compelling acquisition terms. Trumbull Fisher, CEO and Director of GCOM commented, “While our core focus will remain in South America, we are excited to announce the signing of today's Agreement, which brings another promising lithium project into our portfolio, which we expect to quickly advance. We believe that the Armstrong Project will contribute to our presence in a mining-friendly jurisdiction, providing critical mass to our operations. Like our other projects, we see exploration potential and are eager to commence exploration activities. Ontario is an exciting place to be not only for mining but in particular lithium, with the province seeing ~$25B in government subsidies for EV battery plants in 2023 alone, and this being a very low-cost entry into the most prospective lithium exploration belt in the province.” Terms of the Sale and Purchase Agreement Pursuant to the Transaction, GCOM has acquired an existing Option to purchase a 100% interest in the Armstrong Project for consideration comprised of (i) 1,500,000 common shares of GCOM (the “Common Shares”) to be issued on the closing date of the Transaction; and (ii) CAD$60,000 in cash, payable within five business days after the date upon which GCOM has first completed one or more equity offerings for gross proceed...