Business
Megawatt Lithium and Battery Metals Signs Definitive Agreement for Acquisition of Australian Nickel-Cobalt-Scandium-Rare Earth Projects
VANCOUVER, BC, March 31, 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, March 31, 2021 /CNW/ - 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 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory (\"NT\") and New South Wales (\"NSW\") Australia as described below (the \"Properties\"). 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 100% of the issued and outstanding securities of TargetCo in consideration for the issuance of 8,900,000 common shares of the Company (the \"Payment Shares\") pro rata to shareholders of TargetCo at a deemed price of $0.44 per Payment Share. The Payment Shares will not be subject to any hold periods under applicable securities laws. The Company has assumed the obligation to issue an additional 2,500,000 Payment Shares upon the achievement of certain milestones set forth in an underlying agreement entered into between TargetCo and the vendors of the Properties. In addition, the Company will issue 75,000 common shares to arm's length third party finders in connection with the Transaction (the \"Fi...