MegaWatt Signs Definitive Agreement for Acquisition of Australian Nickel-Cobalt-Scandium-Rare Earth Projects
VANCOUVER, BC, March 31, 2021 /PRNewswire/ - Megawatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTC PINK: WALRF) (the "Company" or "Megawatt") is pleased to announce that further to its press release of March 3, 2021 it has entered into a share exchange agreement dated March 30, 2021 (the "Agreement") with 1260945 B.C. Ltd. ("TargetCo") pursuant to which, subject to regulatory approval, the Company will acquire all of the issued and outstanding shares of TargetCo (the "Transaction") and indirectly acquire a
Rare Earth Elements (NT) – Arctic Fox and Isbjorn
Located in NT, both properties have assayed surface sample readings that form the basis for further exploration and are located in a region with supportive mining infrastructure. Arctic Fox is contiguous with the Nolans Bore REE project, for which Project commissioning is slated for mid 2022. The Isbjorn asset is contiguous to the advanced Charley Creek REE project.
Nickel-cobalt-scandium-HPA (NSW) – Chinook, Kodiak & Caribou
The three nickel-cobalt-scandium-HPA properties – Chinook, Kodiak and Caribou – are located in central NSW in a highly prospective region. The region is home to both Alpha HPA's (ASE:A4N) Collerina nickel-cobalt-scandium-HPA asset and Scandium International's (TSE: SCY) Nyngan deposit. Both Collerina and Nyngan support JORC Complaint Mineral Resources.
The Transaction
Pursuant to the terms of the Agreement, Megawatt will acquire
In addition, the Company will issue 75,000 common shares to arm's length third party finders in connection with the Transaction (the "Finders' Shares") at a deemed price of
The Proposed Transaction is an arms-length transaction and no change in management or the board of directors of Megawatt is being contemplated at this time. The Transaction remains subject to certain closing conditions, including the approval of the Canadian Securities Exchange. There can be no assurance that the Transaction will be completed as contemplated, or at all.
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
Additionally, the Company has acquired a
Investors can learn more about the Company and team at 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 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 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 securities regulatory authority has either approved or disapproved of the contents of this news release.
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SOURCE MegaWatt Lithium and Battery Metals Corp.