Megawatt Announces Proposed Consolidation of Shares

Rhea-AI Summary

Megawatt Lithium and Battery Metals Corp. announced a proposed consolidation of its shares at a ratio of one post-consolidation share for every ten pre-consolidation shares. Currently, the company has 87,587,318 common shares outstanding, which will reduce to approximately 8,758,732 shares post-consolidation. This move is necessary as the company's shares are trading below the minimum price required by the Canadian Securities Exchange for issuing new shares from treasury. The consolidation will not affect the company's name or trading symbol. Additionally, outstanding stock options and warrants will be adjusted accordingly. The company holds interests in several lithium and precious metal projects across British Columbia and Quebec in Canada, and also in silver-zinc projects in Australia.

Positive

• Share consolidation aims to increase share price, potentially making it more attractive to investors.
• The company maintains a strong portfolio with interests in lithium and precious metals, positioned in mineral-rich regions.

Negative

• Share consolidation indicates that trading prices are currently below regulatory thresholds, which may reflect negative market sentiment.

VANCOUVER, BC, April 18, 2023 /PRNewswire/ - Megawatt Lithium and Battery Metals Corp. (CSE: MEGA) (FSE: WR20) (OTCQB: WALRF) (the " Company" or "Megawatt") announces that the Company intends to consolidate the common shares in the capital of the Company (the "Shares") on the basis of one (1) post-consolidation Share for every ten (10) pre-consolidation Shares (the "Consolidation of Shares"). 

The Company currently has 87,587,318 common shares outstanding and post-consolidation there will be approximately 8,758,732 common shares outstanding, subject to rounding.  No fractional shares will be issued as a result of the Consolidation of Shares.  Any fractional shares resulting from the Consolidation of Shares will converted to whole shares.  The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (1:10) to reflect the consolidation in accordance with their respective terms with proportionate adjustments to be made to the exercise prices.

In accordance with the Articles of the Company, shareholders' approval is not required for the Consolidation of Shares but is subject to the approval of the Canadian Securities Exchange (the "CSE"). The Consolidation of Shares is being undertaken due the Company's share trading below the minimum price at which shares from treasury may be issued under CSE policy.  There will be no change to the name or trading symbol of the Company as a result of the proposed Consolidation of Shares.

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 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 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 an 80% interest in a company that indirectly holds a 100% interest (subject to a 2% 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 August 13, 2020), an indirect 100% interest (subject to a 1% NSR) in and to certain mining tenements in Northern Territory and New South Wales, Australia prospective for nickel-cobalt-scandium and rare earth elements. 

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 Matagami in the Province of Quebec, covering 2,126 hectares (see press release dated February 3, 2021) and a 100% interest in 229 additional mineral exploration claims prospective for lithium, also in the James Bay area of Quebec covering an area of 12,116 hectares or 121 square kms.

Investors can learn more about the Company and team at https://megawattmetals.com.

For further information: David Thornley-Hall, Chief Executive Officer, david@megawattmetals.com

Related Links
https://megawattmetals.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

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. Forward-looking statements may include but are not limited to, statements relating to the trading of the Company's common shares on the Exchange and the Company's use of proceeds and are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward- looking statements. Such forward-looking statements represent management's best judgment based on information currently available. No securities regulatory authority has either approved or disapproved of the contents of this news release.

SOURCE MegaWatt Lithium and Battery Metals Corp.

View original content to download multimedia:https://www.prnewswire.com/news-releases/megawatt-announces-proposed-consolidation-of-shares-301800942.html

SOURCE MegaWatt Lithium and Battery Metals Corp.

FAQ

What is the proposed share consolidation ratio for Megawatt Lithium and Battery Metals Corp. (WALRF)?

Megawatt Lithium and Battery Metals Corp. proposes a share consolidation ratio of 1 post-consolidation share for every 10 pre-consolidation shares.

Why is Megawatt Lithium and Battery Metals Corp. consolidating its shares?

The share consolidation is necessary because the company's shares are trading below the minimum price required by the Canadian Securities Exchange for issuing new shares from treasury.

How many shares will Megawatt Lithium and Battery Metals Corp. have after consolidation?

After the consolidation, Megawatt Lithium and Battery Metals Corp. will have approximately 8,758,732 common shares outstanding.

Will the trading symbol of Megawatt Lithium and Battery Metals Corp. change after the consolidation?

No, there will be no change to the trading symbol of Megawatt Lithium and Battery Metals Corp. as a result of the proposed share consolidation.

What types of projects does Megawatt Lithium and Battery Metals Corp. have in its portfolio?

The company has interests in lithium and precious metals projects in British Columbia and Quebec, as well as silver-zinc projects in Australia.