Business
Wealth Minerals Acquires Shares of Electric Royalties Ltd.
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2023) - Wealth Minerals Ltd. (TSXV: WML)...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals Acquires Shares of Electric Royalties Ltd.Vancouver, British Columbia--(Newsfile Corp. - March 10, 2023) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") reports, further to its news release on January 25, 2023, that the purchase from World Copper Ltd. (\"World Copper\") of 2,000,000 common shares in the capital of Electric Royalties Ltd. (each, an \"ELEC Share\") for a purchase price of $0.25 per ELEC Share (the \"Transaction\") has now closed. On closing, the Company received 2,000,000 ELEC Shares for the aggregate cash payment amount of CAD $500,000.As the Company holds more than 10% of the issued and outstanding common shares of World Copper (and is a Non-Arm's Length Party (as defined in TSXV policies)), the Transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the time the Share Purchase Agreement was entered into, neither the fair market value of the ELEC Shares, nor the fair market value of the consideration to be provided by the Company for same, exceeded 25% of the Company's market capitalization. The Company also notes that the Company and Electric Royalties Ltd. are not Non-Arm's Length Parties, and they will continue to not be Non-Arm's Length Parties immediately after the Transaction.On Behalf of the Board of Directors ofWEALTH MINERALS LTD.\"Hendrik van Alphen\"Hendrik van AlphenChief Executive OfficerFor further information, please contact:Marla Ritchie, Michael Pound or Henk van AlphenPhone: 604-331-0096 or 604-638-3886For all Investor Relations inquiries, please contact:John LiviakisLiviakis Financial Communications Inc.Phone: 415-389-4670For all Public Relations inquiries, please contact:Nancy ThompsonVorticom, Inc.Office: 212-532-2208 | Mobile: 917-371-4053Follow Us:Facebook – https://www.facebook.com/WealthMineralsLtdLinkedin – https://www.linkedin.com/company/wealth-mineralsTwitter – https://www.twitter.com/WealthMineralsNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is d...