Arranges Non-Brokered Private
Placement
Grants Stock Options
VANCOUVER, June 6, 2016 /CNW/ - Wealth Minerals Ltd. (the
"Company" or "Wealth") - (TSXV: WML; OTCQB: WMLLF; Frankfurt: EJZ),
announces that Mr. Timothy
McCutcheon has been appointed President of the Company,
effective immediately. Henk van
Alphen has resigned as President, but will remain as the
Chief Executive Officer.
"We are excited to welcome Tim into Wealth's executive
management team as we lay the groundwork for Wealth's next phase of
growth in the lithium space," stated Henk
van Alphen, Wealth's CEO, "He brings many years of financial
and administrative expertise that will be invaluable as the company
grows."
Tim McCutcheon commented: "I am
extremely excited to join the Wealth's team and help move the
Company forward as it seeks to complete lithium project
acquisitions. The lithium space is undergoing profound
positive change and Wealth is well positioned to capitalize on
increasing demand and expanding applications for lithium."
Tim McCutcheon
Mr. McCutcheon is a mining and finance professional with over 20
years of international business experience. He has led
several mining development companies with assets in Russia, Slovakia and Ghana. Additionally, Mr. McCutcheon has
served as an advisor to a wide range of natural resource companies,
playing key roles in administration and capital market
strategy.
Prior to moving to the mining sector, Mr. McCutcheon worked in
multiple financial institutions such as Bear Stearns, Aton Capital
and Pioneer Investments as an award-winning metals and mining
sector analyst and as an investment banker. He also was a
founder/partner of DBM Capital Partners Ltd, a leading boutique
metals finance institution which managed the mining fund Sayan
Investments Ltd and advised multiple base and precious metals
mining companies active in Europe
and Asia. Mr. McCutcheon has a BA and MBA from Columbia University, New
York, USA.
Non-Brokered private Placement
The Company also announces that it has arranged a non-brokered
private placement (the "Placement") of 5,000,000 common shares (the
"Shares") of the Company at a price of $0.40 per Share, for gross proceeds of up to
$2,000,000. All shares issued
in the Placement will have a hold period in Canada of four months from the closing of the
Placement.
The net proceeds from the Placement are intended to be used to
fund the costs related to the ongoing discussions with Li3 Energy,
Inc. ("Li3") pursuant to the letter of intent with Li3 announced on
February 1, 2016 (NR16-01), including
to carry out and complete the required due diligence on Li3 and the
Maricunga Lithium Project, for the review and assessment of
additional potential lithium mineral property acquisitions in
South America on which the Company
is actively negotiating and the preparation of related formal
documentation for any such acquisition(s), for property payments
and work programs on the Company's existing mineral properties and
for general and administrative expenses and working capital.
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.
Stock Options
Pursuant to the Company's 2004 Incentive Stock Option Plan, the
Company has granted incentive stock options to directors, officers,
employees and consultants of the Company and its affiliates to
purchase up to an aggregate of 1,400,000 common shares in the
capital stock of the Company. The options are exercisable on
or before June 6, 2018 at a price of
$1.05 per share.
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,
including interests in the Maricunga Salar and the Salar de Aguas
Calientes in Chile. The
Company also maintains a portfolio of precious and base metal
exploration-stage projects, including Yanamina (Peru) and Valsequillo (Mexico).
For further details on the Company readers are referred to the
Company's web site (www.wealthminerals.com) and its Canadian
regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik
van Alphen
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release, which has been prepared by
management.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements
of historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement, timing
and cost of exploration programs, the proposed use of the proceeds
from the private placement; the Company's expectation that it will
be able to enter into agreements to acquire interests in additional
lithium or other mineral projects; anticipated exploration program
results, the discovery and delineation of mineral
deposits/resources/reserves, the proposed acquisition by the
Company of interests in the Maricunga and Aguas Calientes Salars,
Chile, and the anticipated
business plans and timing of future activities of the Company, are
forward-looking statements. Although the Company believes
that such statements are reasonable, it can give no assurance that
such expectations will prove to be correct. Forward-looking
statements are typically identified by words such as: believe,
expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward looking statements as a result of
various factors, including, but not limited to, the state of the
financial markets for the Company's equity securities, the state of
the commodity markets generally, variations in the nature, quality
and quantity of any mineral deposits that may be located,
variations in the market price of any mineral products the Company
may produce or plan to produce, the inability of the Company to
obtain any necessary permits, consents or authorizations required,
including TSXV acceptance, for its planned activities, the
inability of the Company to produce minerals from its properties
successfully or profitably, to continue its projected growth, to
raise the necessary capital or to be fully able to implement its
business strategies, and other risks and uncertainties disclosed in
the Company's latest interim Management Discussion and Analysis and
filed with certain securities commissions in Canada. All of
the Company's Canadian public disclosure filings may be accessed
via www.sedar.com and readers are urged to review these materials,
including the technical reports filed with respect to the Company's
mineral properties.
This press release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE Wealth Minerals Limited
