VANCOUVER, Nov. 2, 2016 /CNW/ - Wealth Minerals Ltd.
(the "Company" or "Wealth") - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL;
Frankfurt: EJZ), announces that it has closed a non-brokered
private placement (the "Placement") of 3,704,845 shares (the
"Shares") of the Company at a price of $1.10 per Share for gross proceeds of
$4,075,329.50. The financing
closed in two tranches. Under the first tranche, which closed
on October 26, 2016, 1,185,000 Shares
were issued at $1.10 per Share for
gross proceeds of $1,303,500 and in
respect of which the Company paid cash finder's fees of
$53,900.00 to Haywood Securities
Inc. The second and final tranche closed on November 2, 2016 and resulted in the issuance of
2,519,845 Shares at $1.10 per Share
for gross proceeds of $2,771,829.50. The Company paid paid cash
finder's fees totaling $160,545.00 to
Haywood Securities Inc., Canaccord Genuity Corp. and RBC Dominion
Securities Inc. in connection with the second tranche.
The net proceeds from the Placement are intended to be used to
fund the initial option payment on the Atacama Lithium Project
(details of which are set out in a press release issued by the
Company on August 4, 2016), 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.
Completion of the Placement is subject to receipt of applicable
regulatory approvals, including acceptance by the TSX Venture
Exchange. The Shares will be issued pursuant to applicable
prospectus and registration exemptions, and in Canada will be subject to a four month and one
day hold period.
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 with 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.
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
United States 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; anticipated exploration program
results; the proposed completion of the Placement; the proposed use
of the proceeds from the Placement (including as same relate to the
Atacama Lithium Project); the Company's expectation that it will be
able to enter into agreements to acquire interests in additional
lithium or other mineral projects; the discovery and delineation of
mineral deposits/resources/reserves; 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 TSX Venture Exchange 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 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.
Readers are cautioned that forward-looking statements are not
guarantees of future performance or events and, accordingly are
cautioned not to put undue reliance on forward-looking statements
due to the inherent uncertainty of such statements. The
forward-looking statements included in this press release are made
as of the date hereof and the Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities
legislation.
SOURCE Wealth Minerals Limited
