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MegaWatt Lithium and Battery Metals Enters into Definitive Agreement to Acquire an additional 20% Interest in 1256714 B.C. Ltd.
VANCOUVER, BC, March 31, 2022 /CNW/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTC PINK: WALRF) (the "Company" or "Megawatt") is pleas
About this update from Megawatt Lithium And Battery Metals Corp.
[{"type":"text","content":" VANCOUVER, BC, March 31, 2022 /CNW/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTC PINK: WALRF) (the \"Company\" or \"Megawatt\") is pleased to announce, further to its news release dated October 15, 2020, that it has entered into a share purchase agreement dated effective March 25, 2022 (the \"Definitive Agreement\") with certain shareholders (the \"Shareholders\") of 1256714 B.C. Ltd. (\"BC Co\"), pursuant to which, subject to regulatory approval, the Company will acquire an additional 20% of the issued and outstanding shares of BC Co (the \"Proposed Transaction\"). The Company currently holds 60% of the issued and outstanding shares of BC Co. Upon completion of the Proposed Transaction, the Company will hold 80% 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. The Proposed Transaction Pursuant to the terms of the Definitive Agreement, upon the date of closing (the \"Closing Date\") of the Proposed Transaction, MegaWatt will acquire an additional 20% of the issued and outstanding securities of BC Co in consideration for the issuance of 7,500,000 common shares of the Company (the \"Payment Shares\") pro rata to the Shareholders at a deemed price of $0.13 per Payment Share. The Proposed Transaction remains subject to certain closing conditions including, without limitation, (a) the receipt by the Company of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange (\"CSE\"), as applicable; and (b) each party's representations and warranties in the Definitive Agreement being true and correctin all aspects as of the Closing Date, and each party meeting its terms and conditions and completing its covenants and obligations as contained therein. There can be no guarantees that the Proposed Transaction will be completed as contemplated or at all. The Proposed Transaction is anticipated to close on or before April 15, 2022. No change in management or the Board of Directors of MegaWatt will occur in connection with the Proposed Transaction. About Meg...