Business
Wealth Minerals Secures $1.25M in Loans
VANCOUVER, British Columbia, March 29, 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 29, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces that, subject to TSX Venture Exchange (“TSXV”) acceptance, the Company has secured loans in the aggregate amount of $1.25 million (the “Loans”) with certain strategic arm’s length lenders. Loan Details The Loans have a term of one year and one day and bear interest at a rate of 8% per annum compounded annually, payable on the maturity date. Pursuant to the Loans, the Company has agreed to issue an aggregate of 3,125,000 non-transferable bonus common share purchase warrants (each, a “Bonus Warrant”) to the lenders, KF Business Ventures, LP and 0916445 B.C. Ltd. Each Bonus Warrant will entitle 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 two years. 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. The funds available from the Loans will be used to make property payments on the Company’s Atacama lithium project. None of the foregoing securities have been and will not be registered under the United States 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, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 posi...