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Wealth Minerals Announces Spin-Out Company for Newly Acquired Chilean Copper Assets
VANCOUVER, British Columbia, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfur
About this update from Wealth Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 04, 2018 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN) announces that the Company has entered into two letters of intent (each, a “Letter of Intent”) with respect to the acquisition of interests in two Chilean copper projects, which will be held by a newly formed subsidiary of Wealth (“Wealth Copper”). Wealth intends to proceed with a restructuring transaction (the “Spin-Out”), whereby it would spin-out Wealth Copper to shareholders of Wealth, with the intent of listing Wealth Copper on the TSX Venture Exchange (the “TSX-V”). The Spin-Out is being undertaken to allow Wealth shareholders to benefit from Wealth’s exposure to Chilean mining deals and operational expertise. Wealth will continue to remain focused on its Chilean lithium assets. Henk Van Alphen, Wealth’s CEO, said, “The copper spin-out opportunity has tremendous potential and allows management to provide Wealth shareholders with additional value. Furthermore, Wealth’s exposure to lithium is intimately tied to the success of battery technology, in which copper plays a key role. We remain committed to our world class lithium projects, but as a result of our activities in South America we receive an enormous amount of deal flow. We believe that the copper spin-out provides Wealth shareholders with additional exposure to the global energy consumption paradigm shift.” Marcelo Awad, Wealth’s Executive Director in Chile, said, “Chile is the world’s largest copper producer, as well as possessing the largest known copper resource of any country. For lithium, Chile is the second largest producer and has the second largest known resource. These facts alone explain why Chile is the place to be for any company wanting exposure to the revolution of EV cars and electro-mobility. Going forward, Wealth Copper will also have access to new copper options as a result of the Chilean government implementing new measures to encourage large mining companies to option-out unused claims.” BACKGROUND AND TRANSACTION The Letters of Intent arose out of discussions with mining companies that had Chilean projects and who sought exposure to Wealth management’s operational know-how in Chile. The Company plans to cr...