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Wealth Enters into Exclusive LOI to Negotiate Agreement to Acquire Li3 Energy Inc.
VANCOUVER, BC / ACCESSWIRE / February 1, 2016 / Wealth Minerals Ltd. (TSXV: WML) (Frankfurt:...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Enters into Exclusive LOI to Negotiate Agreement to Acquire Li3 Energy Inc.VANCOUVER, BC / ACCESSWIRE / February 1, 2016 / Wealth Minerals Ltd. (TSXV: WML) (Frankfurt: EJZ) (SSE: WMLCL) (the \"Company\" or \"Wealth\") announces that it has executed a Letter of Intent (the \"LOI\") with Li3 Energy Inc. (\"Li3\") to negotiate, on an exclusive basis an agreement to acquire, by way of a corporate arrangement (the \"Transaction\"), 100% of the outstanding share capital (the \"Li3 Shares\") of Li3 in consideration for the issuance of common shares of Wealth (\"Wealth Shares\"), with the result that Li3 will become a wholly owned subsidiary of Wealth and the existing shareholders of Li3 will become shareholders of Wealth. Completion of the Transaction is subject to the satisfaction of a number of significant conditions, as detailed below. \nAbout Li3 Energy, Inc. \nLi3 is a public company incorporated under the laws of Nevada with its head office in Santiago, Chile. Li3's principal asset is a forty-nine (49%) percent shareholding in Minera Li Energy SpA (\"Minera Li\"), a Chilean company which, in turn, holds (a) a 100% interest in the Cocina 19 to 27 mining concessions and, (b) a 60% interest in the Litio 1 to 6 mining concessions, all located in the northeast section of the Salar de Maricunga in Region III of Atacama in Northern Chile (the Cocina and Litio concessions being collectively referred to as the \"Maricunga Lithium Project\" or the \"Project\"). The balance, being fifty-one (51%) percent, of the shares of Minera Li are held by Minera Salar Blanco, SpA, a private Chilean company (\"MSB\"). MSB manages Minera Li. \n\"Li3 has a strategic partnership with POSCO Canada Ltd and an interest in the Salar de Maricunga, which is the second-largest lithium-bearing salt brine deposit in Chile. These two factors, together with the expertise of Li3's board and connection to a local strategic partner, made Li3 an obvious acquisition target for Wealth,\" stated Henk van Alphen, Wealth's President & CEO, \"Lithium is an emerging commodity which Wealth considers has significant growth potential in the medium and long term. We believe that the interest of Li3 in the Maricunga Lithium Project should provide the shareholders of Wealth with exposure to the Lithium market while supporting clean and green energy initiatives.\" \nPropose...