Labrador purchased a 100% interest (subject only to a 1.5% NSR) in the Benedict Mountains Uranium Property located on the east coast of Labrador approximately 200 km NR of
The Proposed Transaction
Pursuant to the terms and conditions of the Share Exchange Agreement and on the date of closing (the 'Closing Date') of the Proposed Transaction, MegaWatt will acquire all of the issued and outstanding shares of Labrador (the 'Labrador Shares') in consideration for the issuance of 16,275,001 common shares in the capital of the Company (the 'MegaWatt Shares') pro rata to the Shareholders at a deemed price of
In addition, pursuant to the terms of the Property Purchase Agreement to be assumed by the Company, the Company will make a cash payment of
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 (the 'CSE'), as applicable and (b) each party's representations and warranties in the Share Exchange Agreement being true and correct in 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 an arm's length transaction and no change in management, or the Board of Directors of the Company is being contemplated at this time. No finder's fees are expected to be paid in connection with the Proposed Transaction. The Proposed Transaction is anticipated to close as soon as reasonably practicable, and in any case, before
About
MegaWatt is a
Additionally, the Company has acquired a 100% interest in a company that indirectly holds a 100% interest (subject to a 2% NSR) in two prospective silver-zinc projects in
The Company holds a 100% interest (subject to a 2% NSR) in and to the Route 381 Lithium Property, comprised of 40 mineral claims located in James Bay Territory, north of
The securities to be issued in connection with the Proposed Transaction have not been and will not be registered under the
This press release includes 'forward-looking information' that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. These forward-looking statements or information may relate to the potential acquisition of Labrador, including, the closing of the Proposed Transaction on the terms described herein or at all, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Contact:
Chief Financial Officer
Tel: (236)521-6500
Email: kelvin@megawattmetals.com
(C) 2024 Electronic News Publishing, source