On June 11, 2024, Green Shift Commodities Ltd. completed the sale all of the outstanding shares of a wholly-owned subsidiary, which holds a 1% NSR royalty covering all production from the Berlin Project in Colombia. As consideration for the transaction, Green Shift received 12,000,000 common shares of the acquiror at a deemed issue price of $0.25 per share, representing total deemed consideration of $3 million.
In connection with closing of the transaction, Green Shift entered into an investor rights agreement with the acquiror pursuant to which, among other things, Green Shift has the right to appoint one director to the acquiror’s board of directors and has been granted pre-emptive rights to maintain its pro rata ownership interest in the acquiror.
Cassels acted for Green Shift.