MegaWatt Announces Closing of The First Tranche
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MEGAWATT LITHIUM AND BATTERY METALS CORP.
c/o 1500, 1055 West Georgia Street
Vancouver, British Columbia V6E 4N7
MegaWatt Announces Closing of The First Tranche
VANCOUVER, BC, September 22, 2022 /CNW/ - MegaWatt Lithium and Battery Metals Corp. (CSE: MEGA)
(FSE: WR20) (OTCQB: WALRF) (the "Company" or "MegaWatt") (the "Company" or "Megawatt") is pleased
to announce, further to its news release of August 22, 2022, that it has closed the first tranche of the
previously announced non-brokered private placement (the " Offering") of units of the Company (the " NFT
Units") at a price of $0.065 per NFT Unit and flow-through units of the Company (the "FT Units") at a price
of $0.075 per FT Unit. The FT Units and the NFT Units are collectively referred to herein as the "Units". Each
FT Unit consists of one common share in the capital of the Company which will be designated as a
flow-through share (a "FT Share") pursuant to the Income Tax Act (Canada), and one-half of one common
share purchase warrant (each whole warrant, a " Warrant"). Each NFT Unit consists of one common share
in the capital of the Company (a "Share") and one-half of one Warrant. Each Warrant entitles the holder
thereof to purchase one Share (a "Warrant Share") at $0.12 per Warrant Share until September 22, 2024.
The first tranche closing of the Offering consisted of 400,000 Units and 8,400,000 FT Units for aggregate
gross proceeds of $656,000. The Company has paid eligible finders a cash commission in the amount of
$43,960.00, being up to 7% of the aggregate proceeds from the sale of Units to purchasers introduced by
the finders and issued an aggregate of 616,000 non-transferable share purchase warrants (the “Finder’s
Warrants”), being up to 7% of the number of Units sold under the Offering to purchasers introduced by the
finders. Each Finder’s Warrant entitles the holder thereof to purchase one Share at a price of $0.12 per
Share until September 22, 2024. The Company has also paid $1,960.00 plus tax as advisory fee. All securities
issued in connection with the first tranche of the Offering are subject to a statutory hold period of fourth
months plus a day in accordance with applicable securities legislation ending on January 23, 2023.
The net proceeds from the sale of NFT Units will be used to fund the exploration of the Company's projects
in Canada and Australia and for general working capital purposes. The gross proceeds from the issuance of
the FT Shares will be used for "Canadian Exploration Expenses" (within the meani ng of the Income Tax Act
(Canada)) (the " Qualifying Expenditures"), which will be renounced with an effective date no later than
December 31, 2022 to the purchasers of the FT Shares in an aggregate amount not less than the gross
proceeds raised from the issue of the FT Shares. If the Qualifying Expenditures are reduced by the Canada
Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable
by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures.
The Company will be proceeding with the second tranche of the Offering.
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 Cobal t 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 an 80% 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
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Century South Silver -Zinc Project (see press release dated October 15, 2020), an indirect 100% intere st
(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 earths and a 100% interest (subject to a 2% NSR)
in and to the Route 381 Lithium Property, comp rised 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 229 additional mineral exploration claims ("the new claims") in the James Bay are a of Quebec.
The new claims cover an area of 12,116 hectares or 121 square kms.
Investors can learn more about the Company and team at https://megawattmetals.com.
ON BEHALF OF THE BOARD
“David Thornley-Hall”
Chief Executive Officer
For further information: David Thornley-Hall, Chief Executive Officer, [email protected]
The Canadian Securities Exchange has not in any way passed upon the merits of the Proposed
Transaction and has neither approved nor disapproved the contents of this press 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 relating 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 ar e 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 securities regulatory authority has either approved or disapproved of
the contents of this news release . The Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statements, except as may be required by law.