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Green Shift Commodities Signs Purchase Agreement to Acquire 25% Interest in Pampa Litio S.A., a Private Hard Rock Lithium Exploration Company in Argentina
TORONTO, March 23, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that it h
About this update from Green Shift Commodities Ltd
[{"type":"text","content":" TORONTO, March 23, 2023 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM), (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that it has signed a definitive agreement (the “Agreement”) with New Peak Metals Limited (“New Peak”) (ASX: NPM), to acquire (the “Acquisition”) a 25% interest in Pampa Litio S.A. (“Pampa Litio”). Pampa Litio is a private Argentinean company exploring for hard rock spodumene bearing pegmatites in the Pampean Ranges of Central Argentina. Pursuant to the Agreement dated March 22, 2023, GCOM has agreed to pay CAD$150,000 in cash and to issue 535,714 common shares of GCOM (the “Common Shares”) as consideration for New Peak’s 25% interest in Pampa Litio; provided that, in certain circumstances, the Company has agreed to pay CAD$75,000 in cash in lieu of the issuance of the Common Shares. The Common Shares will be 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 (the “TSXV”) up to the date prior to signing of the Agreement. Completion of the Acquisition is conditional upon the approval of the TSXV and the satisfaction of certain other closing conditions customary in transactions of this nature. Any Common Shares issued in connection with the Acquisition will be 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. 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 is entering into this Agreement to continue 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, tantalu...