MegaWatt Announces Shares for Debt Settlement
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MegaWatt Announces Shares for Debt Settlement
– NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES –
Vancouver, British Columbia, April 8, 2026 -- MegaWatt Lithium and Battery Metals Corp.
(CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company", or “ MegaWatt”)
announces that, it will enter into debt settlement agreement s pursuant to which the
Company will issue 3,067,000 common shares in the capital of the Company (the
“Shares”) at a deemed price of $0.185 per Share to certain creditors of the Company (the
“Creditors”) in settlement of an aggregate of $567,400 in debts owing to the Creditors for
consulting, legal and administrative services provided to the Company (the "Shares for
Debt Settlement "), including $ 99,700 owed to certain Directors and Officers of the
Company.
All the Shares issued in connection with the Shares for Debt Settlement will be subject to
a statutory hold period of four months plus one day from the date of issuance in
accordance with applicable securities legislation and policies of the Canadian Securities
Exchange (the “CSE”).
Closing of the Shares for Debt Settlement is subject to a number of conditions, including
receipt of all necessary corporate and regulatory approvals, including the CSE.
Related Party Transaction
The participation of certain Directors and Officers of the Company in the Shares for Debt
Settlement constitutes a "related party transaction" within the meaning of Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI
61-101"). The Company is relying on the exemption from the formal valuation and minority
shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a)
thereof, on the basis that the fair market value of the Shares to be issued to the related
parties does not exceed 25% of the Company's market capitalization. No new control
person is expected to be created on closing of the Shares for Debt Settlement. A material
change report will be filed in connection with the participation of the insiders in the Shares
for Debt Settlement.
About MegaWatt Lithium and Battery Metals Corp.
MegaWatt is a British Columbia based company engaged in the acquisition and
exploration of mineral properties. MegaWatt 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 8 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.
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MegaWatt also holds a 100% interest (subject to a 2% NSR) in and to the Route 381
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.
On Behalf of the Board of Directors,
MegaWatt Lithium and Battery Metals Corp.
Casey Forward, Chief Executive Officer
1055 West Georgia Street, Suite 1500
Vancouver, BC, Canada
V7X 1M5
For Further Information Please Contact:
Kelvin Lee, Chief Financial Officer
[email protected], (604)961-0296
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward -looking information includes, but is not limited
to, statements relating to the completion of the Shares for Debt Settlement and receipt of
applicable regulatory approvals. Forward -looking information is subject to known and
unknown risks, uncertainties, and other factors that may cause actual results, events, or
developments to differ materially from those expressed or implied by such forward-looking
information, many of which are beyond the control of the Company. Although the
Company believes that the assumptions underlying such forward-looking information are
reasonable, they may prove to be incorrect. Investors are cautioned that forward-looking
information is not a guarantee of future performance or events and that actual results may
differ materially from those projected in the forward -looking information. The Company's
forward-looking information represents management's be st judgment based on
information currently available. The Company undertakes no obligation to update or
revise any forward -looking information, whether as a result of new information, future
events, or otherwise, except as required by applicable law. No se curities regulatory
authority has either approved or disapproved of the contents of this news release.
The CSE does not accept responsibility for the adequacy or accuracy of this
release.
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