MegaWatt Announces Closing of Final Tranche of Concurrent Private Placement of Shares and Engagement of Outside The Box Capital for Marketing Services

Vancouver, British Columbia, March 15, 2024 (GLOBE NEWSWIRE) -- MegaWatt Lithium and Battery Metals Corp. (CSE:MEGA) (FSE: WR20) (OTCQB: WALRF) (the "Company" or "MegaWatt") announces, further to its news releases of January 23, January 25, January 30, 2024 and March 8, 2024, that the Company has closed the second and final tranche of the previously announced concurrent non-brokered private placement of common shares in the capital of the Company (the “Shares”) by the issuance of 1,300,000 Shares at $0.10 per Share for gross proceeds of $130,000.00 (the “Concurrent PP”).

All securities issued in connection with the Concurrent PP are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on July 16, 2024.

In connection with the Concurrent PP, the Company has paid an eligible finder a cash commission in the aggregate amount of $3,850.

The Company will use the net proceeds from the Concurrent PP for property payments, property exploration and for general working capital.

The securities issued pursuant to the Concurrent PP have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

In addition to the closing of the Concurrent PP, the Company is also pleased to announce that it has entered into a marketing services agreement (the “Marketing Agreement”) with an arm’s length firm, Outside The Box Capital Inc. (“OTBC”) of Oakville, Ontario, to provide, among other things, marketing and distribution services to communicate to the financial community information about the Company. The Marketing Agreement will have an initial term of six months starting on January 29, 2024, and the Company will pay OTBC a cash fee of CAD$150,000 (plus applicable taxes) with the possibility of an additional monthly cash budget for marketing services if required.