VANCOUVER, British Columbia, Dec. 29, 2017 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZ), announces that today, December 29, 2017, it has closed a first tranche of the non-brokered private placement as announced on December 20, 2017 (the “Placement”). The Company issued 4,557,254 common shares at a price of $1.60 for gross proceeds of $7,323,606.40. The Company also issued 171,063 common shares pursuant to finder’s fees to Anders Nerrell at a deemed price of $1.60 per share. All shares issued by the Company have a four month hold period in Canada ending on April 30, 2018. Cash finder’s fees were paid to Canaccord Genuity Corp. ($2,800.00) and Aton Financial Holding ($121,535.34). Aton Financial Holding also received 75,960 broker warrants, each exercisable to purchase one common share at a price of $1.60 per share for a period of one year from closing. The final tranche(s) are anticipated to close in mid-January 2018.
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.
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.
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, 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.
