On April 9, 2024, Green Shift completed the sale of all of the outstanding shares of two wholly-owned subsidiaries, which together hold indirectly, a 100% interest in the Berlin Project located in Caldas, Columbia to Jaguar Uranium Corp., a privately held company focused on the uranium sector with strong operating experience in Latin America.
As consideration for the project, Green Shift received (i) $20,000 in cash; (ii) 1,211,687 common shares in the capital of Jaguar, representing 20% of the current outstanding Jaguar shares; and (iii) a 1% net smelter return royalty payable on all production from the Berlin Project. Green Shift is also entitled to receive additional consideration upon the satisfaction of certain milestones as follows: (i) $1 million in cash, payable on the earlier of the date on which the Berlin Project has been brought into good standing, and completion of a public listing of the Jaguar shares; (ii) such number of additional Jaguar shares with a value of $5 million or equal to 20% of the post-listing Jaguar shares issuable upon completion of a public listing of the Jaguar shares; and (iii) $5 million payable upon achievement of commercial production at the Berlin Project.
Cassels acted for Green Shift.