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.
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