Green Shift Commodities increases financing to $2.5M
2022-12-12 10:42 ET - News Release
Mr. Trumbull Fisher reports
GREEN SHIFT COMMODITIES ANNOUNCES UPDATED C$2.5 MILLION PRIVATE PLACEMENT
Green Shift Commodities Ltd. has increased its previously announced offering of units of the company to approximately $2.5-million at a price of 15 cents per unit, from the previously announced minimum size of $1.5-million (see the press release dated Dec. 7, 2022).
Each unit will consist of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 25 cents for 24 months following the date of issuance.
The offering is a non-brokered private placement. Certain eligible finders who direct investors to participate in the offering shall be paid a cash fee of 7 per cent of the value of the units sold to such investors and shall be issued such number of finders' warrants equal to 7 per cent of the units sold to such investors. Each finder warrant will entitle the holder to purchase one common share at an exercise price of 15 cents for 24 months following the date of issuance.
The company intends to use the net proceeds of the offering to advance its battery commodity and uranium portfolio projects, working capital and general corporate purposes.
The closing of the offering is anticipated to occur on or about Dec. 22, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions (NI 45-106), the units will be offered for sale to purchasers resident in Canada, other than Quebec, and/or other qualifying jurisdictions. Because the offering is being completed pursuant to the listed issuer financing exemption, pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, the securities issued in the offering will not be subject to a hold period pursuant to applicable Canadian securities laws.
There is an offering document related to the offering that can be accessed under the company's profile on SEDAR and the company's website. Prospective investors should read this offering document before making an investment decision.
About Green Shift Commodities Ltd.
Green Shift Commodities is focused on the exploration and development of commodities needed to help decarbonize and meet net-zero goals.
The company is developing the Berlin deposit in Colombia. Apart from uranium, for clean nuclear energy, the Berlin deposit contains battery commodities including nickel, phosphate and vanadium. Phosphate is a key component of lithium-ion ferro-phosphate (LFP) batteries, which are being used by a growing list of electric vehicle manufacturers. Nickel is a component of various lithium-ion batteries, while vanadium is the element used in vanadium redox flow batteries. Neodymium, one of the rare earth elements contained within the Berlin deposit, is a key component of powerful magnets which are used to increase the efficiency of electric motors and in generators in wind turbines.
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