Wealth Minerals Ltd. (TSX-V: WML) (OTCQX: WMLLF) (SSE: WMLCL) (Frankfurt: EJZN), announces they have closed the non-brokered private placement previously announced on December 3, 2019.  On January 22, 2020, a total of 7,158,040 units  were issued under the Placement at a price of $0.20 per Unit for gross proceeds of $1,431,608.  Each Unit consists of one common share in the capital of the Company  and one-half of one common share purchase warrant. Each whole Warrant entitles the holder to acquire one additional share of the Company at a price of $0.35 per Share for a period of two years, expiring on January 22, 2022.

All securities issued by the Company pursuant to the Placement will have a four month and one day hold period in Canada ending on May 23, 2020.

In connection with the Placement, insider participation included Hendrik van Alphen, CEO and Director as to $50,000 and, David Lies, Director as to $300,000.  Also in connection with the Placement, the Company paid aggregate finder’s fees of $37,520 cash and 187,600 Broker Warrants.  Finder’s fees were paid to Canaccord Genuity Corp. (as to $17,794 cash and 88,970 Broker Warrants), Haywood Securities Inc. (as to $12,726 cash and 63,630 Broker Warrants), PI Financial Corp. (as to $1,400 cash and 7,000 Broker Warrants) and David Smith (as to $5,600 cash and 28,000 Finder Warrants).  All Warrants issued as finder’s fees have the same terms and conditions as the Units issued under the Placement, provided that the Warrants forming part of the Units issued as finder’s fees are non‑transferable.

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.

The Company opportunistically advances battery metal projects, namely copper and nickel, where it has a peer advantage in project selection and initial evaluation.

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. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.