FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the 'Company' or 'Wealth') - (TSXV: WML; OTCQB: WMLLF; Frankfurt: EJZ), is pleased to announce that they received TSX Venture Exchange acceptance on June 7, 2016 to close the non-brokered private placement announced on June 6, 2016.
Today, on the closing of the placement, the Company will issue a total of 5,000,000 common shares at a price of $0.40 per share. All shares issued by the Company will have a four-month hold period in Canada ending on October 9, 2016.
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 and the negotiation 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.
In addition to the ongoing discussions with Li3 under the LOI, the Company is currently also involved in the review and evaluation of a number of prospective lithium mineral projects in South America for possible acquisition. However, no agreements with respect to the acquisition of any such mineral projects has yet been entered into, and there can be no assurance that the Company will, in fact, be successful in entering into any such agreements or acquiring interests in any additional mineral properties.
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's strategy is to acquire undervalued projects with low exploration risk, attractive grades and potentially low capital requirements. Management insist that projects be located in stable and development-friendly geopolitical jurisdictions and that capital required for development is not excessive within the context of each commodity. The focus over the past few years has been on the acquisition of precious metals projects. The proposed acquisition of Li3 offers a new kind of opportunity where helping to meet emerging lithium demand is expected to create additional value for shareholders. The Company will also continue to move forward with its existing precious metals projects, such as 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
CEO
For further information, please contact:
Henk Van Alphen or Timothy McCutcheon
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
E-mail: [email protected]
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, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the anticipated completion of the Placement and the proposed use of the proceeds thereof; the Company's expectation that it will be able to enter into agreements to acquire interests in additional lithium or other mineral projects, the anticipated securing of the acceptance for filing by the TSXV on behalf of the Company of the Placement, the proposed acquisition by the Company of Li3 and the shares of Li3, and thereby an interest in the Maricunga Lithium Project; the proposed execution and delivery of the required formal documentation in connection with the acquisition of Li3; the completion of the acquisition of Li3, either as presently proposed or at all, by the Company; the planned completion of a test work program at the Maricunga Lithium Project; the completion of the proposed financing which is a condition precedent to a transaction with Li3, the Company's expectation that the acquisition of Li3 will offers a new kind of opportunity where helping to meet emerging lithium demand will create additional value for shareholders of the Company; and the anticipated business plans and timing of future activities of the Company, are all 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, and particularly with respect to precious metals and lithium; 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 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.comand readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.