- Green Shift Commodities (TSXV:GCOM) has closed its acquisition of a 100 per cent interest in the Armstrong Lithium Project in Ontario
- The project includes 90 contiguous claims spanning 1,800 hectares in the Seymour-Crescent Falcon Belt
- The company is to assume all obligations under the original option agreement
- Shares of Green Shift Commodities are unchanged at C$0.14
Green Shift Commodities (TSXV:GCOM) has officially closed its acquisition of its 100 per cent interest in the Armstrong Lithium Project in Ontario.
The official acquisition comes after the company’s announcement in mid-August when it revealed its intentions to acquire the project, which includes 90 contiguous claims spanning 1,800 hectares in the Seymour-Crescent Falcon Belt.
In a news release on Friday, Green Shift Commodities said it will assume all obligations of the acquisition under the original option agreement, which include:
- issuing 100,000 common shares once the transaction closes;
- paying C$15,000 in cash before Nov. 21, 2023
- paying an additional $20,000 before Nov. 21, 2024; and
- granting 1 per cent net smelter returns royalty on the project
“We have built a robust pipeline of projects at varying stages across the Americas. With the successful close of this transaction, we are excited to have commenced groundwork in the mining-friendly region of Ontario,” Trumbull Fisher, CEO of Green Shift Commodities, said in a statement.
Green Shift Commodities also updated on its activities at the Rio Negro Project in Argentina, indicating that consultations for a Phase 1 exploration program has been completed. The company said it has received positive support for the project, but that it is experiencing slower initiation because of ongoing elections in the country.
“Additionally, we are eager to begin work in Argentina, and though it has taken longer than anticipated, we remain confident in our plans to advance the Rio Negro project and unlock its potential,” Fisher said in the statement.
The company is also developing the Berlin Deposit in Colombia. Apart from uranium, for clean nuclear energy, the Berlin Deposit contains battery commodities including nickel, phosphate, and vanadium.
Shares of Green Shift Commodities are unchanged at C$0.14.
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