Green Light Metals Closes Second Tranche of Private Placement

Medford, Wisconsin–(Newsfile Corp. – July 12, 2022) – Green Light Metals Inc. (“Green Light” or the “Company“) is pleased to announce that on July 8, 2022 (the “Closing Date“) it closed, on a non-brokered basis, the second tranche of a private placement of 850,000 units of the Company (“Units“) at a price of $0.40 per Unit for gross proceeds of $340,000 (the “Offering“).

Pursuant to the Offering, each Unit is comprised of one common share (a “Common Share“) and one-half warrant (each whole warrant, a “Warrant“) in the capital of the Company. Each whole Warrant is exercisable by the holder thereof to acquire one (1) additional Common Share at a price of $0.60 for a period of 36 months following the Closing Date.

Finder’s fees consisting of an aggregate cash commission of $6,000 and 15,000 warrants to purchase Common Shares (“Finder Warrants“) were paid by the Company in connection with the Offering. The finder’s fees represent 6.0% of the aggregate proceeds raised and 6.0% of the Units issued to certain subscribers introduced to the Company by finders. Each Finder Warrant will entitle the holder to acquire one Common Share at a price of $0.40 for a period of 24 months from the Closing Date.

The securities issued in connection with the Offering are subject to a statutory hold period of four months plus one day from the date of completion of each closing date of the Offering, in accordance with applicable securities legislation.

For more information concerning the Company, please refer to the Company’s profile on the SEDAR website at www.sedar.com.

ABOUT GREEN LIGHT

Green Light’s mission is to expand known mineral resources and make new discoveries on one of North America’s most prolific yet underexplored volcanogenic massive sulfide (“VMS”) greenstone belts – the Penokean Volcanic Belt (the “Belt”) in Wisconsin, USA. The Belt’s deposits are rich in the clean energy metals copper and zinc, as well as gold, that are required to power the imminent green, low carbon economy. The Company’s strategy is to capitalize on its first mover advantage to consolidate, secure, and drill dominant land positions.

Green Light is committed to operating in a responsible and sustainable manner that benefits our local communities, bolsters national security, and assists in building and securing crucial US supply chains, all while protecting the environment. The Company has established an ESG Committee and is fully committed to transparency, accountability, environmental stewardship, safety and community engagement.

The Company’s key assets on the Belt are the Reef gold-copper and Bend copper-gold properties, each of which contains known historical resources with the potential for expansion. In addition, upon consummation of the upcoming amalgamation with Can-America, the Company will control two additional prospective properties in Wisconsin – Lobo and Black. Outside of Wisconsin, the Company will control the Kalium Canyon property, an exciting epithermal gold prospect located in the Walker Lane District of Nevada, upon consummation of the amalgamation with Can-America.

For more information, please contact:

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Green Light Metals Inc.

Dan Colton
President & CEO, Director
(612) 839-8286
dancolton@greenlightmetals.com

David Carew
CFO & Corporate Secretary
(416) 786-4867
dave@greenlightmetals.com

Forward-Looking Information

Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “intend”, “may”, “will”, “expect”, and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. Readers are cautioned to not place undue reliance on forward-looking information. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include the intended use of proceeds remaining in the best interests of the Company. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward- looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS. 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 STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130671