TORONTO, May 11, 2023 (GLOBE NEWSWIRE) — Green Shift Commodities Ltd. GCOM GRCMF, (“Green Shift”, “GCOM” or the “Company”) is pleased to announce that the previously announced acquisition (the “acquisition“) a 25% stake in Pampa Litio SA (“Pampa litio“) by New Peak Metals Limited NPM. Pampa Litio is a private Argentine company exploring for spodumene-bearing hard-rock spegmatites in the Pampean Ranges of central Argentina.
conditions of Pampa litio acquisition
As part of the acquisition, GCOM has earned a 25 percent interest in Pampa Litio for consideration of $150,000 in cash and 535,714 GCOM common shares “Common Stock”) was issued at an assumed price of $0.14 per share, which is the 7-day volume weighted average trading price of common shares traded on the TSX Venture Exchange on the day immediately prior to the execution of the definitive agreement relating to the acquisition.
The common shares issued in connection with the acquisition are subject to a four month and one day hold period from the date of issuance. There are no finder’s fees associated with the acquisition and New Peak is an independent party to the Company.
About Pampa Litio
Pampa Litio was established by Argentine geologists to explore for hard rock lithium bearing pegmatites, particularly in the San Luis Province where there are historical occurrences of lithium bearing pegmatites. New Peak acquired an interest in Pampa Litio’s mineral exploration properties and completed a number of early stage exploration programs. GCOM completed the acquisition with the intent to continue exploration in a highly prospective region.
To date, Pampa Litio has applied for four exploration titles totaling 34,300 hectares in the San Luis Province of Argentina. The Pampean Ranges host numerous granitic pegmatites with historic mineral resources mined over the past 90 years and comprising the majority of…