Business
MegaWatt Metals Announces Shares for Debt Settlement
Vancouver, British Columbia, April 08, 2026 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company",
About this update from Megawatt Lithium And Battery Metals Corp.
[{"type":"text","content":"Vancouver, British Columbia, April 08, 2026 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the \"Company\", or “MegaWatt”) announces that, it will enter into debt settlement agreements 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 TransactionThe 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 clai...