Canada-based exploration firm Inexperienced Shift Commodities (GCOM) has concluded the deal to buy a 25% stake in Argentinean lithium exploration firm Pampa Litio from New Peak Metals.
Pampa Litio explores the Pampean Ranges for arduous rock, spodumene-bearing pegmatites.
Inexperienced Shift bought the stake by providing C$150m ($111.6m) in money and 535,714 of its shares at C$0.14 apiece.
The shares issued for the acquisition are topic to a maintain interval of 4 months and in the future from the date of issuance.
The corporate stated that there was no finders’ payment in reference to the acquisition and New Peak might be an arms-length celebration with respect to the corporate.
Pampa Litio was created by geologists in Argentina in search of arduous rock, lithium-bearing pegmatites, significantly inside the province of San Luis.
Pampa Litio has to date utilized for 4 exploration titles totalling 34,300 hectares within the province.
The Pampean Ranges host a number of granitic pegmatites with historic mineral assets that have been mined for the previous 90 years.
The ranges have produced beryllium, feldspar, lithium, mica, quartz, rubidium, tantalum and tungsten.
New Peak acquired a stake within the Mineral Exploration Tenements of Pampa Litio and likewise performed a number of early stage exploration programmes.
By buying the stake from New Peak, Inexperienced Shift goals to proceed the exploration in a extremely potential area.
Saying the deal in March, Inexperienced Shift Commodities CEO and director Trumbull Fisher stated: “We’re happy to announce this transaction, which supplies GCOM with publicity to a second arduous rock lithium challenge in Argentina, following the current acquisition of the Rio Negro challenge.
“Argentina is effectively often called a top-tier jurisdiction for lithium brine tasks; nonetheless, is lesser identified for its arduous rock potential. More and more, and for good cause, arduous rock lithium belongings are gaining favour amongst the funding group because of current standout successes in Australia, Canada and Brazil. Argentina’s arduous rock potential is sizeable and comparatively untapped as of but.
“Now, with a second challenge in our portfolio, and a devoted in-country geological crew with a long time of expertise in arduous rock lithium exploration, we consider GCOM is effectively positioned as a primary mover in Argentina and we’re excited in regards to the potential of each tasks.”
