Medford, Wisconsin--(Newsfile Corp. - April 8, 2025) - GreenLight Metals Inc. ("GreenLight" or the "Company") (formerly "Green Light Metals Inc.") is pleased to announce that it has changed its name to "GreenLight Metals Inc." and has completed the previously announced amalgamation with 1504139 B.C. Ltd. ("Finco") and 1328592 B.C. Ltd. ("Subco"), both wholly-owned subsidiaries of the Company (the "Amalgamation"). In connection with the Amalgamation, GreenLight also expects the common shares of GreenLight (each, a "Share") to commence trading on the TSX Venture Exchange on or about April 14, 2025 under the symbol "GRL", subject to final approval of the TSX Venture Exchange. Additionally, GreenLight wishes to announce a non-brokered private placement offering of units of GreenLight (the "Unit Offering"). The Shares will be immediately halted after commencement of trading on or about April 14, 2025 pending completion of the Unit Offering. On listing, there will be 64,108,682 Shares issued and outstanding.
The Amalgamation
Pursuant to the amalgamation agreement dated January 30, 2025 between GreenLight, Subco and Finco, Subco and Finco amalgamated with Finco surviving as a wholly owned subsidiary of GreenLight, pursuant to which all the issued and outstanding shares and warrants of Finco were exchanged for Shares and Warrants (as defined below) of GreenLight. Finco and GreenLight then completed a second-stage amalgamation and amalgamated under the name "GreenLight Metals Inc.".
Unit Offering
Pursuant to the Unit Offering, GreenLight will offer up to 3,333,334 units (the "Units") of GreenLight at a price of $0.30 per Unit for aggregate gross proceeds of up to $1,000,000. Each Unit will consist of one Share, and one-half of one share purchase warrant in the capital of GreenLight (each whole warrant, a "Warrant"). The Warrants are governed by the terms of a warrant indenture dated January 30, 2025 between GreenLight and TSX Trust Company, among others. Each Warrant is exercisable by the holder thereof into one Share at a price of $0.45 for a period of three years from closing of the Unit Offering.
The net proceeds from the Unit Offering will be used for the exploration of the Company's mineral projects, and for working capital and general corporate purposes. The Units will be subject to a statutory hold period pursuant to applicable Canadian securities laws.
Strategic Milestone: TSX Venture Exchange Listing
"We are excited to reach this milestone as GreenLight makes its public market debut on the TSX Venture Exchange" said Matt Filgate, President and CEO of GreenLight. "This listing will provide us with the platform to accelerate our exploration efforts across our highly prospective portfolio in the Penokean Volcanic Belt. With several high-priority targets already identified and drilling programs being planned, we look forward to delivering value for our stakeholders as we work to establish Wisconsin as a premier mining district for critical minerals. Our focus remains on increasing domestic mineral production, reducing reliance on foreign supply, and bolstering crucial supply chains."
Leadership Team with Strong Wisconsin Connections
GreenLight's leadership team brings together significant experience in mineral exploration, project development, permitting, and capital markets, with strong representation from Wisconsin:
- Matt Filgate, President & CEO: Over 15 years of experience in mineral exploration, mine development, and corporate development
- David Carew, CFO: More than 15 years of experience in corporate development, investor relations, mineral project evaluation, and capital raising
- Steve Donohue, Director: 35 years of experience focused on natural resource project permitting and community engagement across Wisconsin and the Midwest
The Company's board includes several members with direct connections to Wisconsin, including Ryan Bennett, Gordon Reid, Angela Pakes, and Bill Johnson, ensuring the Company maintains strong local representation as it advances its Wisconsin portfolio. The Company's board also includes Barry Hildred and Jason Kosec.
High-Quality Portfolio of Exploration Properties
GreenLight holds a strategic portfolio of properties along the highly prospective Penokean Volcanic Belt (PVB), which is comparable to prolific mining districts like the Abitibi and Flin Flon belts:
- Bend Copper-Gold Project: VMS deposit with copper, gold, and tellurium, located approximately 35 miles southeast of the past producing Flambeau mine. The Bend copper-gold deposit was first discovered in 1986 and last drilled in 2012 with historic intercepts that include hole B90-6: 67.69 meters of 1.01% copper and 0.99 g/t gold (from 233.32 m to 301.04 m).
- Reef Gold Project: Shear-hosted gold system, last drilled in 2012 with intercepts including hole R12-38: 65.2m of 2.80 g/t gold and 0.17% copper (from 80.5 m to 145.73 m).
- Swede: Top priority exploration anomaly located in the southern greenstone belt, previously identified as a high-priority target by Rio Tinto. Magnetic and gravity surveys have identified potential massive sulphides.
- Lobo/Lobo East: Massive sulphide discovery adjacent to the significant Crandon VMS deposit, with historical drill intercepts at Lobo including hole LB-3: 9.4m of 22.89% zinc, 1.41%
copper, 1.84% lead, 94 g/t silver, and 1.14 g/t gold (from 246 m to 255 m).
Beyond Wisconsin, GreenLight also holds two non-core strategic properties:
- Kalium Canyon Gold Property (Nevada): A promising gold property within Nevada's prolific Walker Lane Trend, featuring low-sulphidation epithermal gold targets.
- Cerro Colorado (Arizona): A prospective copper-molybdenum porphyry property near established copper mines, displaying geochemical anomalies indicative of mineralization potential.
Strategic Plans and Catalysts
Following its TSX Venture Exchange listing, GreenLight intends to execute on several near-term value-creating initiatives:
Airborne geophysical surveys in Wisconsin to identify additional drill targets within existing projects
Strategic asset acquisitions within the Penokean VMS belt
Resource discovery and expansion drilling at the Bend Project
Engagement with local communities and regulators
Technical data compilation and target generation across the portfolio
Pursue project level or corporate transactions that are value accretive to GreenLight's stakeholders
Market Making Services Agreement
The Company is also pleased to announce it has retained DS Market Solutions Inc. ("DSMS") to provide market-making services. DSMS will provide market-making services to the Company to enhance market depth and increase liquidity for the Company's securities. Under the terms of the agreement, which has an effective date of April 14, 2025, the engagement is on a month-to-month basis, and DSMS will receive a monthly cash fee of $5,000 CAD from the Company's available cash. The agreement may be terminated by either party with 30 days' written notice. The Company and DSMS are arm's length, unrelated and unaffiliated entities and DSMS has no interest, directly or indirectly in the Company or its securities. The agreement is subject to the approval of the TSX Venture Exchange. DSMS uses its own funds in providing the services and, other than securities used for liquidity purposes, it has no interest, directly or indirectly, in the securities of the Company, nor has it any right to acquire same.
DSMS is an equity trading advisor to issuers looking to enhance liquidity in their public traded securities. DSMS was incorporated in Mississauga, Ontario in April 2024 and the offices of DS Market are located in Mississauga, Ontario. Mr. David Sears is the sole owner of DSMS and will be providing the services on behalf of DSMS. DSMS's contact is davidsears@dsmarketsolutions.com.
Qualified Person Statement
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Patrick Quigley, MSc, CPG-12116, a Qualified Person as defined by NI 43-101.
About GreenLight Metals Inc.
The principal business of GreenLight is the exploration and development of mineral properties in Wisconsin, Nevada, and Arizona. The material properties of GreenLight are the Bend Property, the Reef Property and the Kalium Canyon Property. In addition, the Company controls two additional prospective properties in Wisconsin - Lobo and Lobo East. GreenLight has also secured rights to the Swede anomaly located on the Southern Greenstone Belt. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, located in the Walker Lane district of Nevada. The Company also holds an option on the Cerro Colorado property located 70 kilometers southwest of Tucson, Arizona, along the Laramide porphyry copper belt.
Further Information
The Exchange has not in any way passed upon the merits of the proposed Amalgamation or the Unit Offering and has neither approved nor disapproved the contents of this news release.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
For further information, please contact:
GREENLIGHT METALS INC.
Matt Filgate, President and Chief Executive Officer
Phone: (778) 679-3579
Email: matt@greenlightmetals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the anticipated trading of the Shares on the TSX Venture Exchange and timing thereof, the successful closing of the Unit Offering and the use of proceeds in respect of the Unit Offering and the successful completion and implementation, as applicable, of the Company's strategic plans including airborne geophysical surveys in Wisconsin, strategic asset acquisitions within the Penokean VMS belt, resource discovery and expansion drilling at the Bend Project, engagement with local communities and regulators, technical data compilation and target generation across the portfolio and opportunities to monetize non-core assets, Kalium Canyon and Cerro Colorado. Often, but not always, forward-looking statements or information can be identified by the use of words such as "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "predict", "project", "should" or "will" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.
With respect to forward-looking statements and information contained herein, GreenLight has made numerous assumptions including among other things, assumptions about the general business and economic conditions of GreenLight and the market in which it operates. The foregoing list of assumptions is not exhaustive.
Although management of GreenLight believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to the changes in interest and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of technology or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); changes in general economic conditions or conditions in the financial markets; changes in laws; and other assumptions, risks, and uncertainties discussed in documents available under GreenLight's profile at www.sedarplus.ca. GreenLight does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE: Green Light Metals Inc.
