Business
Wealth Minerals Closes $1.35m Loan
VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfu
About this update from Wealth Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), reports it has closed its loan placement, as announced on February 11, 2019, to third-party lenders as well as an insider. The total loan sum closed is $1,347,200 and the Company issued 3,368,000 non-transferable bonus common share purchase warrants (each, a “Bonus Warrant”) to the Lenders. Each Bonus Warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.40 per share for a period of one year, ending on February 28, 2020. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance. Henk Van Alphen, the Company’s CEO and a director, participated in the Loan for $397,200 and he received 993,000 Bonus Warrants. The funds available from the Loans will be used for general working capital and to make property payments on the Company’s Atacama lithium project (“Atacama” or the “Atacama project”). About Wealth Minerals Ltd. Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company’s main focus is the acquisition and development of lithium projects in South America. To date, the Company has positioned itself to develop the Quisquiro Salar in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar, where the Company has a substantial licenses package. The Company has also positioned itself to play a role in asset consolidation in Chile with various lithium properties throughout the country. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects. For further details on the Company readers are referred to the Company’s website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com. On Behalf of the Board of Directors ofWEALTH MINERALS LTD. \"Hendrik van Alphen\"Hendrik van Alphe...