Business
Wealth Minerals to Acquire Block of World Copper Shares
Vancouver, British Columbia--(Newsfile Corp. - August 10, 2021) - Wealth Minerals Ltd. (TSXV: ...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals to Acquire Block of World Copper SharesVancouver, British Columbia--(Newsfile Corp. - August 10, 2021) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") announces it has agreed with Gold Springs Resource Corp. (\"GRC\") (TSX: GRC) to purchase 13,225,198 common shares (each, a \"WCU Share\") of World Copper Ltd. (\"WCU\") (TSXV: WCU) held by a subsidiary of GRC, for an aggregate purchase price of $4,364,315. This transaction, at a price of $0.33 per WCU Share, is priced at an approximate 15.4% discount to the August 9, 2021 closing price of WCU at $0.39 per WCU Share.This opportunistic transaction allows Wealth to capitalize on its familiarity with World Copper's assets to acquire a large block of shares at a substantial discount. Wealth Minerals intends to hold the WCU Shares as an investment; and believes that they will provide significant long-term value for Wealth and its shareholders.Of the WCU Shares able to be purchased by Wealth, 9,918,898 WCU Shares will remain subject to a TSX Venture Exchange Value Securities Escrow Agreement (the \"Escrow Agreement\") and will be released from escrow in accordance with the terms thereof (for more details regarding the Escrow Agreement, see WCU's news release of January 18, 2021 available on WCU's SEDAR profile at www.sedar.com). Wealth may, at its sole discretion, arrange for all or a portion of the WCU Shares to be purchased by Wealth and/or certain eligible purchasers (each such eligible purchaser, a \"Substituted Purchaser\") under the Escrow Agreement. Wealth and/or the Substituted Purchasers will complete the transaction by no later than October 22, 2021.About Wealth Minerals Ltd.Wealth is a mineral resource company with interests in Canada, Mexico 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 work alongside existing producers in the prolific Atacama salar, where the Company has a substantial license package. 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 contin...