TORONTO, Dec. 11, 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 entered into a definitive agreement dated December 8, 2023 with Latam Battery Metals Inc. (“Latam”) in which Latam will obtain one hundred percent of the issued and notable inventories (the “Target Shares”) of two wholly-owned subsidiaries of GCOM, which in combination own 3% of a 100% interest in the Berlin Project (“Berlin” or the “Project”) located in Caldas, Colombia (the “Transaction”). Latam is an independent, privately held uranium company with strong operational experience. in Colombia and intends to continue its listing on a Canadian listed stock exchange (the “Listing”) in the coming months.
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Transaction Highlights
Trumbull Fisher, CEO and Director of GCOM, commented: “This strategic sale marks a pivotal moment for GCOM as we continue to evolve and refine our portfolio to focus on the battery metals segment of the blank energy landscape. Given our team’s specialized wisdom in the lithium space, the most effective strategy to maximize shareholder price is to relocate a dedicated team to Berlin, focused on projects and familiar with the complexities of the country, offering the elements necessary to advance development. At the same time, we aim to maintain truly broad participation by maintaining significant exposure to capitalize on the continued positive momentum of the uranium sector. Additionally, this transaction provides a significant buildup to our working capital as Latam assumes all liabilities related to the Berlin project.
Luis Ducassi, CEO of Latam, added: “We are excited about this transaction and the opportunities it presents. The Berlin project, with its former multi-product resources and complex metallurgy, is a strategic choice for us, as our in-house team. in Colombia is in a position to start operating there quickly. We express our appreciation to the GCOM team for their collaboration on this transaction, and we look forward to maintaining open and constructive channels of communication as we jointly navigate the long-term opportunities of this transaction. risky gifts. “
Transaction Details
In connection with the acquisition of the Target Shares, Latam has committed to deliver to GCOM (collectively, the “Consideration”):
From the date of closing the Transaction until such time as all of the Consideration has been paid, Latam has agreed not to transfer any interest in the Target Shares or the Property without the prior written consent of GCOM, which consent may be withheld, conditioned or delayed in the sole discretion of GCOM.
Completion of the Transaction is subject to approval by the TSX Venture Exchange (the “TSXV”) and compliance with certain other standard endpoints in transactions of this nature.
GCOM has retained Generic Capital Corp. (“Generic”) as financial advisor in connection with the transaction. Under the terms of this commitment, GCOM has agreed to pay advisory fees to Generic consisting of an unusual $3,333,333 consistent with GCOM percentages (“GCOM Shares”), valued at $200,000 at an estimated value of $0. 06, the final value of GCOM’s percentages on the TSXV as of the date prior to the announcement of the transaction. GCOM’s percentages would likely be issued to Generic at the end of the transaction, subject to approval by the TSXV.
About Green Shift Commodities Ltd.
Green Shift Commodities Ltd. se focused on the exploration and development of raw materials needed to help decarbonize and reach net-zero targets. The company is pushing a portfolio of lithium customers that includes the recently acquired Rio Negro allocation in Argentina, a district-scale allocation in a domain known to involve hard-rock lithium pegmatite samples that were first discovered in the 1960s with little exploration since. and the Armstrong Project, located in the Seymour-Crescent-Falcon lithium belt in northern Ontario, is known to harbor lithium pegmatites containing spodumene and significant discoveries.
About Latam Battery Metals Inc.
Latam is a private mining company focused on the uranium sector. The company is led by Luis Ducassi, a reputed businessman who recently led mining initiatives in Peru for the Ministry of Energy and Mines. The company’s technical team has significant experience in exploration, operations and commercial progression in the Americas, adding corporations such as Hochschild Mining Plc, Compañía de Minas Buenaventura and O3 Mining Inc. The Company intends to create a directory on an identified stock exchange in Canada as soon as possible.
For information, please contact:
Green Shift Commodities Ltd.
Trumbull FisherDirector and CEOourriel: tfisher@greenshiftcommodities. comTel. : (416) 917-5847
Website: www.greenshiftcommodities.com Twitter: @greenshiftcom LinkedIn: https://www.linkedin.com/company/greenshiftcommodities/
Forward-Looking Statements
This press release includes certain “forward-looking statements. ” Forward-looking statements consist of statements that are not purely historical, adding statements regarding long-term beliefs, plans, expectations or intentions and include, but are not limited to, statements regarding: the ultimate transaction; approval of the TSXV; the long-term direction of the Company’s strategy; and other activities, occasions or progressions that are expected, expected or very likely to happen in the long term. These statements are based on assumptions, adding the following: (i) expectations and assumptions related to the Transaction; (ii) the actual effects of exploration, resource targets, metallurgical testing, economic studies and progression activities will remain positive and will continue as planned, (iii) the required regulatory and government approvals will be obtained at the time opportune in terms compatible with Green Cambio. (iv) economic, political and commercial market conditions will be favorable, and (v) financial markets and the market for uranium, batteries and rare earth elements will continue to strengthen. These statements are subject to dangers and uncertainties that could possibly cause the actual effects, functionalities or progressions to differ materially from those contained in such statements, adding, among others: (1) situations of non-compliance until the final touch of the agreement. , adding whether the TSX Venture Exchange has not approved the transaction and all required matters related thereto; (2) adjustments in general economic and monetary market situations, (3) adjustments in mineral demands and prices, (4) the Company’s ability to locate commercially viable revival transactions and/or identify suitable joint venture partnerships, (5) litigation, regulations and legislative progressions, dependence on regulatory approvals and adjustments in environmental compliance requirements, network support and political and economic climate (6) the inherent insecurities and speculative nature related to the effects of exploration, estimates of resources, prospective resource growth and long-term metallurgical testing. effects, adjustments to allocation parameters as plans evolve, (7) competitive progressions, (8) availability of long-term financing, (9) effects of COVID-19 on the Company’s operations, adding unrestricted restrict the effects of COVID-19. in capital markets, raw material prices, hard labor regulations, supply chain disruptions and domestic and foreign travel restrictions, (10) exploration dangers and other points independent of Green Shift’s will, adding the points set forth in the “Risk Factors” segment of our MD&A. and investigation dated August 23, 2023 for the three and six months ended June 30, 2023 and other public documents available on SEDAR+ at www. sedarplus. ca. Readers are cautioned that the assumptions used in the preparation of this data, considered conservative at the time of preparation, may prove to be vague and therefore undue reliance should not be placed on the forward-looking statements. Green Shift assumes no legal responsibility to update this data unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is found in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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