Business
Wealth Minerals Announces Non-Brokered Private Placement for up to $5,750,000
Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) - Wealth Minerals Ltd. (TSXV:...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals Announces Non-Brokered Private Placement for up to $5,750,000Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") announces a non-brokered private placement (the \"Offering\") of up to 12,234,044 common shares in the capital of the Company (each, an \"Offered Share\") at a price of $0.47 per Offered Share for aggregate gross proceeds of up to $5,750,000.The net proceeds are expected to be used to purchase (the \"WCU Share Purchase\") 13,225,198 common shares (each, a \"WCU Share\") in the capital of World Copper Ltd. from a wholly-owned subsidiary of Gold Springs Resource Corp. (see news release dated August 10, 2021), which WCU Share Purchase is expected to close on or about October 22, 2021, and for general working capital.Assuming the completion of the WCU Share Purchase, the Company intends to bundle each Offered Share issued pursuant to the Offering with a contractual option (each, an \"Option\") to acquire a WCU Share from the Company. Each Option will entitle the holder to purchase from the Company one WCU Share at the price of $0.33 for a period of three years. The Options held by each holder will be exercisable, from time to time, for a pro rata amount of the free trading portion of the WCU Shares, as such WCU Shares are released from escrow and become free trading pursuant to a TSXV Form 5D Value Securities Escrow Agreement dated January 15, 2021. Each Option will be non-transferable.Finder's fees may be payable to arm's length parties that have introduced the Company to certain subscribers participating in the Offering. All Offered Shares issued under the Offering will be subject to a four-month and one day hold period, during which time the Offered Shares may not be traded. Closing of the Offering is subject to the approval of the TSX Venture Exchange. Insiders of the Company may participate in the Offering.This news 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, ...