VANCOUVER, British Columbia, Dec. 20, 2017 (GLOBE NEWSWIRE) - Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), is pleased to announce that it has arranged a non-brokered private placement (the “Placement”) of up to 6,250,000 shares (the “Shares”) of the Company at a price of $1.60 per Share for gross proceeds of up to $10,000,000. All shares issued in the Placement will have a hold period in Canada of four months from the closing of the Placement. Finder’s fees are payable on a portion of the Placement. Completion of the Placement is subject to the acceptance for filing thereof by the TSX Venture Exchange.
The net proceeds from the Placement are intended to fund option payments on the Company’s projects, exploration work on the Company’s existing projects and for general and administrative expenses, and working capital.
Stock Option Grant
The Company also announces that, pursuant to its 2004 Incentive Stock Option Plan, it has granted incentive stock options to directors, officers, employees and consultants of the Company and its affiliates to purchase up to an aggregate of 2,400,000 common shares in the capital stock of the Company. The options are exercisable on or before December 20, 2019 at a price of $1.70 per share.
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 Calientes Norte, Pujsa and Quisquiro Salars in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar, in addition to the Laguna Verde lithium project acquisition. The Company has also positioned itself to play a role in asset consolidation in Chile with the Five Salars Project.
The Company continues to pursue new acquisitions in the region, the latest of which is the Seven Salars Project and is eager to move the projects forward into production. 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.
