Wealth Minerals Ltd. – a mineral resource company with interests in Canada and Chile -reports that pursuant to their news release of December 16, 2022, they have closed the non-brokered private placement offering, issuing 3,071,579 units for gross proceeds of $1,167,200. Each unit consisted of one common share at a price of $0.38 and one common share purchase warrant at an exercise price of $0.48 for a period of 24 months, expiring on December 30, 2024.
In connection with the private placement offering, David Lies a director of the Company, participated as to $400,000 (1,052,632 units). This transaction constituted a “related party transaction” as such term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101″). The Company is relying on exemption from the formal valuation and minority approval requirements of MI 61-101 subject to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.”
Finder’s fees were paid to GloRes Securities Inc. ($5,320.00 cash and 14,000 finders’ warrants and Red Cloud Securities Inc. ($1,064.00 cash and 2,800 finders’ warrants). All warrants are non-transferable and have the same terms as the subscribers.
Net proceeds of the Offering will used for exploration and general working capital.
The securities offered have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”), as amended, or any applicable state securities laws and may not be offered or sold in the United States or to “U.S. persons”, as such term is defined in Regulation S under the U.S. Securities Act, absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
