Business
Walcott Resources Announces Private Placement and Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - Walcott Resources Ltd. (CSE: WAL) (the "Company" or "Walcott") is pleased to announce that it has
About this update from Megawatt Lithium And Battery Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 9, 2020) - Walcott Resources Ltd. (CSE: WAL) (the \"Company\" or \"Walcott\") is pleased to announce that it has arranged a non-brokered private placement financing of up to 4,000,000 units at a price of $0.10 per unit for gross proceeds of up to $400,000. Each unit consists of one common share of the Company and one half of one non-transferable share purchase warrant. Each full warrant is exercisable to purchase one additional common share of the Company for a period of two years from the date of closing of the private placement at an exercise price of $0.15 per warrant. The warrants are subject to an accelerated expiry date, which comes into effect when the trading price on the Canadian Securities Exchange of the Company's common shares closes at or above $0.22 per share during any 20-day-consecutive-trading-day period commencing four months plus one day after the date of issuance of the warrants. In such event, the Company may give an expiry acceleration notice to warrant holders and the expiry date of the warrants will be 30 days from the date of the notice. Proceeds from the private placement will be used for exploration activities on the Cobalt Hill copper-gold-cobalt property and for general working capital purposes. The offering is expected to close on or before July 17, 2020 and, should the private placement be oversubscribed, the Company reserves the right to accept additional funds, subject to regulatory approval. The Company may pay a finder's fee to certain third parties in connection with the proceeds received by the Company by the sale of units to the subscribers, other than insiders, introduced to the Company by such third parties. The planned private placement and finder's fees are subject to Canadian Securities Exchange approval. All shares issued pursuant to the offering and exercise of warrants will be subject to a four-month plus one day hold period from the closing date. Cobalt Hill Option Agreement Amendment The Company advises that it has amended the terms of the property option agreement by reducing the amount of the payment due August 5, 2020 from $80,000 to $15,000, with the balance of $65,000 being payable on or before December 31, 2020. Board Resignation and Appointment In addition, the Company announces it has accepted the resignation of Tracy Mab...