The Prospector News

Wealth Minerals Closes $1.84 Million Flow-Through Financing

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Wealth Minerals Closes $1.84 Million Flow-Through Financing

 

 

 

 

 

Wealth Minerals Ltd. (TSX-V: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) announces it has closed, as previously announced on October 14, 2022, a non-brokered private placement of flow-through offering of 6,814,817 units in the capital of the Company, for the subscription price of $0.27 per Unit for gross proceeds of $1,840,000.59, with each Unit consisting of one “flow-through” common share in the capital of the Company within the meaning of subsection 66(15) of the Canada Income Tax Act and one-half of one “non-flow-through” common share purchase warrant, with each Warrant entitling the holder thereof to purchase one non-flow-through common share in the capital of the Company at an exercise price of $0.40 per Warrant Share for a period of 24 months expiring on October 19, 2024.

 

The proceeds of the Flow-Through Offering are expected to be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” related to the Company’s Kootenay Project for renunciation to the subscribers under the Flow-Through Offering.

 

All securities issued by the Company pursuant to the Placement will have a four month and one day hold period in Canada ending on February 20, 2023.

 

Finder’s fees were paid to GloRes Capital Inc. (Ritu Gupte), an arm’s length finder, consisting of $110,400.03 cash and 408,889 non-transferable finder’s warrants, each warrant entitling the finder to purchase one common share of the Company at a price of $0.40 per share for a period of two years.

 

The net proceeds from the Offering will be used to fund exploration and development of Wealth’s Kootenay project in British Columbia.

 

The securities offered have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, or any applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from the 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 any State in which such offer, solicitation or sale would be unlawful.

 

About Wealth Minerals Ltd.

 

Wealth is a mineral resource company with interests in Canada 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 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.

 

Posted October 19, 2022

Share this news article

MORE or "UNCATEGORIZED"


Red Pine Discovers Significant Gold Mineralization in Faulted Extension of the Jubilee Shear on the Wawa Gold Project

Red Pine Exploration Inc. (TSX-V: RPX) (OTCQB: RDEXF) is pleased ... READ MORE

October 31, 2024

F3 Announces Closing of Private Placement for Aggregate Gross Proceeds of C$8 Million

F3 Uranium Corp. (TSX-V: FUU) (OTC Pink: FUUFF) is pleased to ann... READ MORE

October 31, 2024

Collective Mining Announces Closing of Concurrent Financings for Gross Proceeds of C$46.35 Million

Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to ann... READ MORE

October 31, 2024

ARIS MINING ANNOUNCES CLOSING OF US$450 MILLION SENIOR NOTES OFFERING TO FUND REDEMPTION OF OUTSTANDING 6.875% SENIOR NOTES

Aris Mining Corporation  (TSX: ARIS) (NYSE-A: ARMN) announces t... READ MORE

October 31, 2024

Rare Element Resources Receives Final Approval Required to Commence Operations of Rare Earth Demonstration Plant in Wyoming

Staffing in place and operations shakedown underway Rare E... READ MORE

October 31, 2024

Copyright 2024 The Prospector News