Green Light Metals Closes Third Tranche of Private Placement

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Medford, Wisconsin–(Newsfile Corp. – January 25, 2023) – Green Light Metals Inc. (“GreenLight” or the “Company“) is pleased to announce that it has closed, on a non-brokered basis, the third tranche of a private placement of 751,651 units of the Company (the “Units“) at a price of C$0.40 per Unit for gross proceeds of approximately C$290,225 (the “Offering“). Pursuant to the Offering, each Unit is comprised of one common share (a “Common Share“) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant“), with each Warrant exercisable for one additional Common Share at a price of C$0.60 for a period of 36 months from the closing of the Offering. Together with the first two tranches of the private placement, which closed in 2022, aggregate gross proceeds total approximately C$999,261.

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.

In connection with closing of the Offering, 50,319 Units were subscribed for by related parties of the Company (as such term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“)). The participation of the related parties in the Offering constitutes a “related party transaction” within the meaning of MI 61-101. The Company is relying upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Offering is not more than C$2,500,000 and the fact the Company is not listed on a specified market set out in section 5.5(b) of MI 61-101.

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

ABOUT GREENLIGHT
GreenLight’s mission is to expand known mineral resources and make new discoveries on 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.

GreenLight 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 Environment, Sustainability, and Communities 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, with the closing of the amalgamation with Can-America Minerals Inc. on July 25, 2022, the Company controls two additional prospective properties in Wisconsin – Lobo and Lobo East. GreenLight has also secured rights to the high-priority Swede anomaly located on the Southern Greenstone Belt. Outside of Wisconsin, the Company controls rights to the Kalium Canyon property, an exciting epithermal gold prospect located in the Walker Lane district of Nevada.

For more information, please contact:

Green Light Metals Inc.

Dan Colton
President & CEO, Director
(612) 839-8286
[email protected]

David Carew
CFO & Corporate Secretary
(416) 786-4867
[email protected]

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/152466