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Wealth Minerals and Wealth Copper Enter into Share Purchase Agreement to Acquire Escalones Copper-Gold Porphyry Project
VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfur
About this update from Wealth Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN) announces that, further to its news releases dated December 4, 2018 and April 4, 2019, its wholly-owned subsidiary, Wealth Copper Ltd. (“Wealth Copper”) has entered into a definitive share purchase agreement (the “Share Purchase Agreement”) to acquire 100% of TriMetals Mining Inc.’s (“TMI”) interest in and to the mineral exploitation concessions and the mineral exploration concessions (the “Escalones Exploration Concessions”) and related assets and liabilities that comprise the Escalones copper-gold porphyry project (the “Escalones Project”). Pursuant to the terms of the Share Purchase Agreement entered into among Wealth, Wealth Copper, TMI and Escalones Resource Corp. (a wholly-owned subsidiary of TMI), Wealth Copper will acquire a 100% interest in and to the Escalones Project covering an area of 161 km2 located 97 km southeast of Santiago, Chile (the “Escalones Transaction”). As consideration, Wealth Copper will deliver 25,000,000 common shares in its capital (each, a “Wealth Copper Share”) to TMI, make an aggregate of $1,000,000 in cash payments to TMI and grant to TMI a 2% net smelter returns royalty on the Escalones Exploration Concessions. The 25,000,000 Wealth Copper Shares held by TMI, together with the 25,000,000 shares held by Wealth, will collectively represent 100% of the issued and outstanding Wealth Copper Shares (a total of 50 million), excluding any Wealth Copper Shares issued in connection with the Concurrent Financing (as defined below). The closing of the Escalones Transaction is expected to take place on or before June 30, 2019. Henk van Alphen, Wealth’s CEO, stated, “We are extremely pleased to be moving forward with the acquisition of the Escalones Property, which is expected to be one several Chilean copper projects in which Wealth will have an interest. Wealth continues to focus on its world class lithium projects. We are confident that this copper property acquisition will complement the company’s lithium assets and will allow Wealth to further develop its battery metal asset portfolio in Chile.” Escalones Project Description The Escalones Project is located 35 km east of El Ten...