Business
Wealth Minerals Completes Purchase of World Copper Ltd. Shares; Closes Non-Brokered Private Placement for Gross Proceeds of $5,750,000
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Wealth Minerals Ltd. (TSXV:...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals Completes Purchase of World Copper Ltd. Shares; Closes Non-Brokered Private Placement for Gross Proceeds of $5,750,000Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 Take-Over Bids and Issuer Bids.The Company is pleased to announce that on October 22, 2021, the Company acquired 13,225,197 common shares (each, an \"Acquired Share\") of World Copper Ltd. (\"World Copper\") from Escalones Resource Corp. (\"ERC\"), a wholly owned subsidiary of Gold Springs Resource Corp. (\"Gold Springs\"; together with ERC, the \"Vendor\"), pursuant to a securities transfer agreement (the \"Securities Transfer Agreement\") among World Copper, the Company, Gold Springs and ERC for the aggregate purchase price of $4,364,315.01 (the \"Acquisition\").Immediately prior to the closing of the Acquisition, the Company beneficially owned and had control and direction over an aggregate of 8,333,333 common shares of World Copper (the \"WCU Shares\"), representing approximately 16.72% of the issued and outstanding WCU Shares. Immediately after the closing of the Acquisition, the Company beneficially owns and has control and direction over an aggregate of 21,558,530 WCU Shares, representing approximately 43.26% of the issued and outstanding WCU Shares. The change in the Company's securityholding percentage of WCU Shares is approximately 26.54%.Pursuant to the Securities Transfer Agreement, the Company also acquired from the Vendor a special warrant (the \"Special Warrant\") originally issued by World Copper to ERC on January 15, 2021. The Special Warrant entitles the holder thereof to acquire upon the deemed exercise of the Special Warrant, for no additional consideration, up to 8,148,900 common shares of World Copper (the \"Special Warrant Shares\") from time to time, upon the exercise of any of the 19,014,101 common share purchase warrants (the \"WCU Warrants\") of World Copper which were issued and outstanding as of January 15, 2021, all of which WCU Warrants remain issued and outstanding as of the date hereof. Of the 13,225,197 Acqui...