Green Shift Commodities Ltd. announced that it has completed the previously announced acquisition of an existing option to purchase a 100% interest in the Armstrong Lithium Project . The Project consists of 90 contiguous claims totaling 1,800 ha, located in the Seymour-Crescent-Falcon lithium belt, 55 km northeast of the town of Armstrong and 245 km from Thunder Bay in Ontario, Canada. Pursuant to the option acquisition agreement dated August 15, 2023, GCOM has acquired an existing Option to purchase a 100% interest in the Armstrong Project for consideration comprised of (i) 1,500,000 common shares of GCOM at a deemed price of $0.095 per Common Share; and (ii) CAD 60,000 in cash, payable within five business days after the date upon which GCOM has first completed one or more equity offerings for gross proceeds of a minimum of CAD$5,000,000 in the aggregate.

In addition, in the event that GCOM has exercised the Option and publicly files a technical report in compliance with National Instrument 43-101 - Standards for Mineral Disclosure containing a current mineral resource, then the Company will pay to the vendors of the Option a bonus payment equal to CAD 300,000. In order to exercise the Option, GCOM has agreed to assume the remaining obligations under the original option agreement, including: (i) the issuance of 100,000 Common Shares immediately upon closing of the Transaction; (ii) payment of CAD 15,000 in cash on or before November 21, 2023; (iii) payment of CAD 20,000 in cash payable on or before November 21, 2024; and (iv) the grant of a 1.0% net smelter returns royalty on the Project. The Royalty may be repurchased by the Company for a cash payment of CAD 200,000.

In addition, in respect of the first financing that the Company completes following the exercise of the Option, the Company has agreed to grant the optionor the right to participate in such financing and subscribe for a maximum of 100,000 Common Shares upon the same terms as the financing.