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MegaWatt Lithium and Battery Metals Announces Non-Brokered Private Placement of up to C$800,000 and Stock Option Grant
VANCOUVER, BC, Oct. 18, 2021 /CNW/ - MegaWatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTC PINK: WALRF) (the "Company" or "MegaWatt") is please
About this update from Megawatt Lithium And Battery Metals Corp.
[{"type":"text","content":" VANCOUVER, BC, Oct. 18, 2021 /CNW/ - MegaWatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTC PINK: WALRF) (the \"Company\" or \"MegaWatt\") is pleased to announce a non-brokered private placement (the \"Offering\") for aggregate gross proceeds to the Company of up to C$800,000 from the sale of any combination of units of the Company (the \"Units\") at a price of C$0.18 per Unit and flow-through units of the Company (the \"FT Units\") at a price of C$0.195 per FT Unit. Red Cloud Securities Inc. is acting as a finder in connection with the Offering. Each Unit will be comprised of one common share of the Company (each, a \"Unit Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each FT Unit will consist of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one Warrant. Each Warrant will entitle the holder thereof to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$0.27 for a period of 24 months following the closing date of the Offering. The net proceeds from the sale of 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 meaning of the Income Tax Act (Canada)) (the \"Qualifying Expenditures\"), which will be renounced with an effective date no later than December 31, 2021 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 closing of the Offering is expected to occur on or about November 9, 2021 and is subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange. The Unit Shares, FT Shares, Warrant Shares and any common shares of the Company that are issuable from any finder's warrants will be subject to a hold period of four months and one day i...