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Wealth Minerals (TSXV:WML) has announced that it received TSX Venture Exchange acceptance to close the non-brokered private placement previously announced on September 9, 2016 and closed on September 14, 2016. As quoted in the press release: The Company also announces that it has entered into a formal option agreement giving it the right to acquire …
Wealth Minerals (TSXV:WML) has announced that it received TSX Venture Exchange acceptance to close the non-brokered private placement previously announced on September 9, 2016 and closed on September 14, 2016.
As quoted in the press release:
The Company also announces that it has entered into a formal option agreement giving it the right to acquire the Quisco Project within the Quisquiro Salar (see NR16-18, July 29, 2016) and has closed the option agreement with respect to the Jesse Creek Property, B.C. (see NR16-20, August 10, 2016), both upon the previously announced terms.
Non-brokered Private Placement
On the closing of the Placement, the Company issued a total of 3,660,338 common shares at a price of $0.70 per share to raise gross proceeds of $2,562,236.60. All shares issued in the Placement will have a four-month hold period in Canada ending on January 14, 2017. A total of $120,752.18 in cash (6%) was paid in finder’s fees to Haywood Securities Inc., Euromerica Capital Group Inc. and Cesar Lopez Alarcon.
The net proceeds from the Placement are intended to be used to fund option payments on the Trinity and Atacama Lithium Projects, the costs of an initial exploration campaign on the Company’s Chilean lithium properties (anticipated to begin later this year) and on the Jesse Creek property in BC (underway), the costs for the review and assessment of additional potential lithium mineral property acquisitions in South America, and for general and administrative expenses and working capital.
