Wealth Minerals Enters Share Purchase Agreement with Coronet Metals to Acquire Yanamina Told Property in Peru

Wealth Minerals Ltd. (TSXV:WML) announced that it has entered into a formal share purchase agreement with Coronet Metals Inc. (TSXV:CRF) to purchase Coronet Metals Peru S.A.C., which will include its advanced-stage Yanamina gold property in Peru.

As quoted in the press release:

Pursuant to the May 21, 2015 share purchase agreement between Wealth and Coronet, Wealth will acquire Yanamina through the acquisition of Coronet’s Peruvian subsidiary, Coronet Peru, in consideration of Wealth issuing 1,000,000 shares to Coronet.  Closing of the transaction is subject to TSX Venture Exchange acceptance for filing of the transaction on behalf of Wealth and Coronet (if required) and other usual closing conditions, and the closing date will be five business days following such conditions being met but not later than June 30, 2015.  The Wealth shares will be issued to Coronet in two tranches, being 750,000 shares on the closing date, and 250,000 shares six months following.

In addition, Wealth will assume responsibility for Coronet Peru’s outstanding debt in an amount of no more than USD 81,000, as well as Coronet’s obligations with respect to certain potential future share issuances and payments to Migme Limited (formerly “Latin Gold Limited”) (“LGL”) and its subsidiary, Westmag Resources Limited (“WRL”), the former owner of Yanamina (including a 1% gross revenue royalty payable to WRL on all gold produced in excess of 200,000 ounces) relating to Coronet’s purchase of Coronet Peru from LGL and WRL in 2011.  Production from Yanamina is also subject to a 2% NSR in favour of Franco-Nevada Corporation, which can be purchased outright at any time prior to the commencement of construction for USD 200,000 cash.

Click here to read the full Wealth Minerals Ltd. (TSXV:WML) press release.