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Wealth Arranges $1,600,000 Non-Brokered Private Placement and Negotiates Debt Settlements
Wealth Arranges $1,600,000 Non-Brokered Private Placement and Negotiates Debt Settlements ...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"\n\n\n\nWealth Arranges $1,600,000 Non-Brokered Private Placement and Negotiates Debt Settlements\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWealth Arranges $1,600,000 Non-Brokered Private Placement and Negotiates Debt Settlements\nCanada NewsWire\nVANCOUVER, March 24, 2016\n\n\n\nVANCOUVER, March 24, 2016 /CNW/ - Wealth Minerals Ltd. (the \"Company\" or \"Wealth\") - (TSXV: WML; Frankfurt: EJZ), announces that it has arranged a non-brokered private placement of common shares to raise up to $1,600,000.  The Company has also negotiated debt settlements to settle $687,000 of debt through the issuance of common shares.\n\nNon-brokered Private Placement\n\nThe Company has arranged a non-brokered private placement of common shares (\"Placement\") consisting of up to 8,000,000 common shares at a price of $0.20 per share to raise gross proceeds of up to $1,600,000.  All shares issued in the Placement will have a hold period in Canada of four months from the closing of the Placement.\n\nThe 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 for general and administrative expenses and working capital.\n\nDebt Settlements\n\nThe Company has negotiated the settlement (\"Debt Settlement\") of an aggregate of $687,000 in debt related to certain accounts payable to Cardero Resource Corp. ($477,000) and a portion ($210,000) of the principal sum of certain outstanding loans originally made to the Company in 2011 by a number of individuals, some of whom are non-arm's length to the Company.  The debt will be settled by the issuance of an aggregate of 2,000,000 common shares at a deemed price of $0.21 ...