VANCOUVER, Feb. 27, 2015 /CNW/ - Wealth Minerals Ltd.
(the "Company" or "Wealth") - (TSXV: WML; Frankfurt: EJZ),
announces the closing of its non-brokered part and parcel private
placement (the "Offering") announced on February 2, 2015.
The Company sold 7,500,000 common shares ("Shares") at a price
of $0.10 per Share for aggregate
gross proceeds of $750,000. The
Shares are all subject to a hold period in Canada until June 27,
2015.
The Company paid finder's fees, consisting of $7,700 in cash and 95,550 common shares issued at
a deemed price of $0.10 per share to
Haywood Securities Inc., and $10,700
in cash to Canaccord Genuity Corp., in connection with the
Offering. The net proceeds from the Offering are intended to
be used to fund the costs related to the negotiation and obtaining
of TSXV acceptance of the January 30,
2015 option agreement ("Agreement") between the Company and
Balmoral with respect to the N1/N2
Gold Project, Quebec ("Property"),
to fund the first year's expenditure commitment on the Property
under the Agreement of $400,000, to
pay a portion of the outstanding interest on certain loans
originally made to the Company in 2011 and for general working
capital purposes during 2015.
The Company also received TSXV acceptance for the Agreement on
February 25, 2015 and has therefore
issued the initial 1,000,000 common shares due to Balmoral upon TSXV acceptance. These
shares are also subject to a hold period in Canada until June 27,
2015.
The Company is currently involved in the review and evaluation
of a number of mineral projects in both Canada and South
America for possible acquisition. However, no
agreements with respect to the acquisition of any mineral projects
has yet been entered into, and there can be no assurance that the
Company will, in fact, be successful in entering into any such
agreements or acquiring interests in any additional mineral
properties.
The foregoing securities have not been and will not be
registered under the U.S. 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 press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
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 an early stage mineral exploration company with
listings on the TSX Venture and Frankfurt Stock Exchanges.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik
van Alphen
President & CEO
For further details on the Company readers are referred to the
Company's web site (www.wealthminerals.com) and its Canadian
regulatory filings on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this press release, which has been prepared by
management.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements
of historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, the anticipated use of the net
proceeds of the private placement, the timing of future activities
by the Company, the potential acquisition of additional mineral
properties by the Company and the anticipated business plans of the
Company, are forward-looking statements. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to
future events. The Company cautions investors that any
forward-looking statements by the Company or any of its joint
venture partners are not guarantees of future results or
performance, and that actual results may differ materially from
those in forward looking statements as a result of various factors,
including, but not limited to, the state of the financial
markets for the Company's equity securities, the state of the
commodity markets generally, variations in the nature,
quality and quantity of any mineral deposits that may be located,
variations in the market price of any mineral products the Company
may produce or plan to produce, the inability of the Company to
obtain any necessary permits, consents or authorizations required
for its or their activities, the inability of the Company to
produce minerals from its properties successfully or profitably, to
continue its projected growth, to raise the necessary capital or to
be fully able to implement its business strategies, and other risks
and uncertainties disclosed in the Company's latest interim
Management Discussion and Analysis and filed with certain
securities commissions in Canada. All of the Company's
Canadian public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties.
This press release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE Wealth Minerals Ltd.