Megawatt closes Route 381 lithium property acquisition
2021-02-04 00:13 ET - News Release
Mr. David Thornley-Hall reports
MEGAWATT LITHIUM ANNOUNCES COMPLETION OF LITHIUM PROPERTY ACQUISITION AND STOCK TICKER SYMBOL CHANGE TO "MEGA"
Further to the press release of Jan. 27, 2021, Megawatt Lithium and Battery Metals Corp. has completed the acquisition of a 100-per-cent interest (subject to a 2-per-cent net smelter royalty) in and to the Route 381 lithium property, composed of 40 mineral claims located in James Bay territory, north of Matagami in the province of Quebec, and covering 2,126 hectares. The Route 381 lithium property is located directly west of and adjacent to Stria Lithium Inc.'s Pontax lithium project.
In consideration for the acquisition, the company paid the vendors an aggregate of $60,000 and issued four million common shares in the capital of the company at a deemed price of 32 cents per payment share. In addition, the company will grant the vendors a 2-per-cent net smelter royalty. The payment shares are subject to a four-month-and-one-day hold period pursuant to applicable securities laws.
Further to the company's press release of Jan. 21, 2021, in conjunction with the acquisition, the company has completed a name change to Megawatt Lithium and Battery Metals Corp. The company's common shares will commence trading under the new symbol MEGA on Feb. 4, 2021.
David Thornley-Hall, chief executive officer of the company, stated: "The acquisition of the Route 381 lithium property complements the company's project portfolio and demonstrates the shift in strategic direction towards the acquisition and exploration of battery metals assets. The Route 381 lithium property is located in an exciting and prolific hardrock lithium jurisdiction with several actively advancing lithium projects, including Critical Elements Lithium Corp.'s Rose project, the Whabouchi lithium project and Galaxy Lithium (Canada) Inc.'s James Bay lithium project. The company looks forward to our inaugural exploration program on the project during the 2021 field season."
About Megawatt Lithium and Battery Metals Corp.
Megawatt is a British Columbia-based company involved in the acquisition and exploration of mineral properties in Canada. The company holds an option to acquire a 100-per-cent undivided interest, subject to a 1.5-per-cent net smelter royalty on all base, rare earth elements and precious metals, in the Cobalt Hill property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek mining division in the province of British Columbia, Canada.
Additionally, the company has acquired a 60-per-cent interest in a company that indirectly holds a 100-per-cent interest (subject to a 2-per-cent NSR) in two prospective silver-zinc projects in Australia, being the Tyr silver project and the Century South silver-zinc project (see press release dated Aug. 13, 2020).
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.