Wealth Minerals Ltd. (TSX-V: WML) (OTCQX: WMLLF) (SSE: WMLCL) (Frankfurt: EJZ), announces they have closed the non-brokered private placement previously announced on August 8, 2019. On August 22, 2019, a total of 3,620,715 units were issued under the Placement at a price of $0.35 per Unit for gross proceeds of $1,252,200.25. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant entitling the holder to acquire one additional Share at a price of $0.40 per Share for a period of two years, expiring on August 22, 2021.
All securities issued by the Company pursuant to the Placement will have a four month and one day hold period in Canada ending on December 23, 2019. No finder’s fees were paid connection with the Placement.
The net proceeds from the Offering are intended to be used to fund exploration and development of Wealth’s Atacama Project as well as general corporate purposes.
None of the foregoing securities have been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company’s main focus is the acquisition and development of lithium projects in South America. To date, the Company has positioned itself to develop the Quisquiro Salar in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar, where the Company has a substantial licenses package. The Company has also positioned itself to play a role in asset consolidation in Chile with various lithium properties throughout the country.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
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