Megawatt Announces Closing of Acquisition of Remaining 20% Interest in 1256714 B.C. Ltd.
Megawatt Announces Closing of Acquisition of Remaining 20% Interest in
1256714 B.C. Ltd.
Vancouver, British Columbia‐‐( July 13, 2023) ‐ Megawatt Lithium and Battery Metals Corp.
(CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company" or "Megawatt") announces, further to its
news releases of April 5, 2022 and July 6, 2023, that the Company has now completed the acquisition
(the “ Transaction”) of the remaining 20% of the issued and outstanding shares in the capital of
1256714 B.C. Ltd. (“BC Co”). The Company now holds 100% of the issued and outstanding shares in
BC Co.
BC Co owns a 100% interest (subject to a 2% NSR) in two prospective silver–zinc projects in Australia,
being the Tyr Silver Project and the Century South Silver–Zinc Project. For details of these two projects,
please refer to the Company's news release dated October 15, 2020.
In connection with the closing of the Transaction and pursuant to the terms and conditions of the
Share Purchase Agreement dated July 4, 2023 among the Company, BC Co and a shareholder of BC Co
(the “Shareholder”), the Company has issued 500,000 common shares in the capital of the Company
(the "Payment Shares") to the Shareholder at a deemed price of $0.235 per Payment Share on the
closing date. The Payment Shares are subject to a statutory hold period of four-months and one day
in accordance with applicable securities legislation ending on November 14, 2023.
The Transaction is an arms-length transaction and no change in management or the Board of Directors
of MagaWatt occurred in connection with the Transaction.
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company involved in the acquisition and exploration of mineral
properties in Canada. The Company holds a 100% undivided interest, subject to a 1.5% NSR on all base,
rare earth elements and precious metals, in the Cobalt Hill Property, consisting of eight mineral claims
covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the
Province of British Columbia, Canada.
Additionally, the Company has acquired a 100% interest in a comp any that indirectly holds a 100%
interest (subject to a 2% NSR) in two prospective silver -zinc projects in Australia, being the Tyr Silver
Project and the Century South Silver -Zinc Project (see press release dated October 15, 2020 ), an
indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory
and New South Wales, Australia prospective for nickel-cobalt-scandium and rare earth elements.
The Company holds a 100% interest (subject to a 2% NSR) in and to the Route 3 81 Lithium Property,
comprised of 40 mineral claims located in James Bay Territory, north of Matagami in the Province of
Quebec, covering 2,126 hectares (see press release dated February 3, 2021) and a 100% interest in
229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec
covering an area of 12,116 hectares or 121 square kms.
Investors can learn more about the Company and team at https://megawattmetals.com.
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For further information: David Thornley-Hall, Chief Executive Officer, [email protected]
Related Links
https://megawattmetals.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
This press release includes "forward-looking information" that is subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the Company. Forward -looking
statements may include but are not limited to, statements relati ng to the trading of the Company's
common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks
and uncertainties normally incident to such events. Investors are cautioned that any such statements
are not guarantees of future events and that actual events or developments may differ materially from
those projected in the forward - looking statements. Such forward -looking statements represent
management's best judgment based on information currently available. No securiti es regulatory
authority has either approved or disapproved of the contents of this news release.
SOURCE MegaWatt Lithium and Battery Metals Corp.
FOR FURTHER INFORMATION PLEASE CONTACT:
David Thornley-Hall Chief Executive Officer