Vancouver, BC / November 7 2016 - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZ), announces that, on November 4, 2016,it closed the final tranche of its non-brokered private placement announced October 20, 2016 (the "Placement") issuing a total of 4,089,845 shares (the "Shares") of the Company at a price of $1.10 per Share for gross proceeds of $4,498,829.50. The financing closed in three tranches. On October 26, 2016, the first tranche closed issuing 1,185,000 Shares @ $1.10 for proceeds of $1,303,500 and paying cash finder's fees of $53,900.00 to Haywood Securities Inc. The second tranche closed November 2, 2016 issuing 2,519,845 Shares @ $1.10 for proceeds of $2,771,829.50 and paid cash finder's fees totaling $160,545.00 to Haywood Securities Inc., Canaccord Genuity Corp. and RBC Dominion Securities Inc. The final tranche closed today, issuing 385,000 Shares @ $1.10 for proceeds of $423,500 and paid cash finder's fees totaling $29,645.00 to Haywood Securities Inc.
The net proceeds from the Placement are intended to be used to fund the initial option payment on the Atacama Lithium Project, the costs for the review and assessment of additional potential lithium mineral property acquisitions in South America, and for general and administrative expenses and working capital.
Wealth continues to assess additional potential lithium mineral property acquisitions in South America on which the Company is actively negotiating.
Completion of the Placement is subject to the acceptance for filing thereof by the TSX Venture Exchange.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. 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 press 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 of lithium projects in South America. To date the Company has positioned itself to develop the Aguas Caliente Norte, Pujsa and Quisquiro Salars in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar. The Company continues to aggressively pursue new acquisitions in the region. 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.