Green Shift Commodities Completes Sale of Argentina Lithium Assets
Green Shift Commodities (GRCMF) has finalized the sale of its Argentina lithium assets to Lion Critical Elements Corp. The transaction includes 10,000 hectares of lithium-rich grounds and 25% of Pampa Litio S.A. in exchange for 1,460,000 Lion shares valued at $0.75 each and 500,000 warrants, exercisable at $1.00 per share. This move allows Green Shift to retain an indirect interest without the funding obligations for exploration. Lion's portfolio includes lithium projects in Zambia and uranium assets in Niger, and the acquisition is expected to complement their existing assets.
- Green Shift received 1,460,000 shares of Lion, each valued at $0.75.
- Green Shift received 500,000 warrants exercisable at $1.00 per share for three years.
- The transaction relieves Green Shift from funding obligations for further exploration of these assets.
- Green Shift divested a significant portion of its lithium assets in Argentina.
TORONTO, July 02, 2024 (GLOBE NEWSWIRE) -- Green Shift Commodities Ltd. (TSXV: GCOM), (“Green Shift” or the “Company”) is pleased to announce that it has closed the previously announced sale (the “Transaction”) to Lion Critical Elements Corp. (“Lion”) all of the outstanding shares of LFP Resources Corp. (“Subco”), a wholly-owned subsidiary of the Company which owns, among other things, 10,000 hectares of prospective lithium ground in Rio Negro, Chubut, and Neuquén Provinces in Argentina and
Pursuant to the Transaction, Lion acquired all of the issued and outstanding shares of Subco in exchange for considerations comprised of 1,460,000 common shares of Lion (“Lion Shares”) at a deemed price of US
Trumbull Fisher CEO commented “We are thrilled to close this transaction with Lion and are excited to see their team move these assets ahead. We believe Lion was a great fit for these assets not only because of the experienced team they have but also how well these assets compliment the Lion portfolio. While we still maintain exposure to the upside of these assets though our Lion share holdings we will not be subject to the funding requirements for exploration these assets will require.”
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 advancing the Armstrong Project, located in the Seymour-Crescent-Falcon lithium belt in northern Ontario, known to host spodumene-bearing lithium pegmatites and significant discoveries. The Company also has a portfolio of public and private company shares in various uranium and lithium companies.
For further information, please contact:
Trumbull Fisher
Director and CEO
Email: tfisher@greenshiftcommodities.com
Tel: (416) 917-5847
Website: www.greenshiftcommodities.com
Twitter: @greenshiftcom
LinkedIn: https://www.linkedin.com/company/greenshiftcommodities/
Forward-Looking Statements
This news release includes certain “forward looking statements”. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but are not limited to, statements with respect to: the future direction of the Company’s strategy; and other activities, events or developments that are expected, anticipated or may occur in the future. These statements are based on assumptions, including: (i) the ability to achieve positive outcomes from test work; (ii) actual results of our exploration, resource goals, metallurgical testing, economic studies and development activities will continue to be positive and proceed as planned; (iii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to Green Shift; (iv) economic, political and industry market conditions will be favourable; and (v) financial markets and the market for uranium, battery commodities and rare earth elements will continue to strengthen. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements, including, but not limited to: (1) changes in general economic and financial market conditions, (2) changes in demand and prices for minerals, (3) the Company’s ability to source commercially viable reactivation transactions and / or establish appropriate joint venture partnerships, (4) litigation, regulatory, and legislative developments, dependence on regulatory approvals, and changes in environmental compliance requirements, community support and the political and economic climate, (5) the inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in project parameters as plans evolve, (6) competitive developments, (7) availability of future financing, (8) exploration risks, and other factors beyond the control of Green Shift including those factors set out in the “Risk Factors” in our Management Discussion and Analysis dated May 28, 2024 for the three months ended March 31, 2024 available on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Green Shift assumes no obligation to update such information, except as may be required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
FAQ
What assets were sold by Green Shift Commodities in Argentina?
What did Green Shift Commodities receive in exchange for its Argentina lithium assets?
Who acquired Green Shift Commodities' Argentina lithium assets?
What is the significance of the Lion shares and warrants received by Green Shift?
How does this transaction impact Green Shift Commodities’ financial obligations?
What is the stock symbol for Green Shift Commodities?
