Arranges Non-Brokered Private Placement
Grants Stock Options
VANCOUVER, June 6, 2016 /CNW/ - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSXV: WML; OTCQB: WMLLF; Frankfurt: EJZ), announces that Mr. Timothy McCutcheon has been appointed President of the Company, effective immediately. Henk van Alphen has resigned as President, but will remain as the Chief Executive Officer.
"We are excited to welcome Tim into Wealth's executive management team as we lay the groundwork for Wealth's next phase of growth in the lithium space," stated Henk van Alphen, Wealth's CEO, "He brings many years of financial and administrative expertise that will be invaluable as the company grows."
Tim McCutcheon commented: "I am extremely excited to join the Wealth's team and help move the Company forward as it seeks to complete lithium project acquisitions. The lithium space is undergoing profound positive change and Wealth is well positioned to capitalize on increasing demand and expanding applications for lithium."
Mr. McCutcheon is a mining and finance professional with over 20 years of international business experience. He has led several mining development companies with assets in Russia, Slovakia and Ghana. Additionally, Mr. McCutcheon has served as an advisor to a wide range of natural resource companies, playing key roles in administration and capital market strategy.
Prior to moving to the mining sector, Mr. McCutcheon worked in multiple financial institutions such as Bear Stearns, Aton Capital and Pioneer Investments as an award-winning metals and mining sector analyst and as an investment banker. He also was a founder/partner of DBM Capital Partners Ltd, a leading boutique metals finance institution which managed the mining fund Sayan Investments Ltd and advised multiple base and precious metals mining companies active in Europe and Asia. Mr. McCutcheon has a BA and MBA from Columbia University, New York, USA.
Non-Brokered private Placement
The Company also announces that it has arranged a non-brokered private placement (the "Placement") of 5,000,000 common shares (the "Shares") of the Company at a price of $0.40 per Share, for gross proceeds of up to $2,000,000. All shares issued in the Placement will have a hold period in Canada of four months from the closing of the Placement.
The net proceeds from the Placement are intended to be used to fund the costs related to the ongoing discussions with Li3 Energy, Inc. ("Li3") pursuant to the letter of intent with Li3 announced on February 1, 2016 (NR16-01), including to carry out and complete the required due diligence on Li3 and the Maricunga Lithium Project, for the review and assessment of additional potential lithium mineral property acquisitions in South America on which the Company is actively negotiating and the preparation of related formal documentation for any such acquisition(s), for property payments and work programs on the Company's existing mineral properties and for general and administrative expenses and working capital.
Completion of the Placement is subject to the acceptance for filing thereof by the TSX Venture Exchange.
This press release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have 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 does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Pursuant to the Company's 2004 Incentive Stock Option Plan, the Company has granted incentive stock options to directors, officers, employees and consultants of the Company and its affiliates to purchase up to an aggregate of 1,400,000 common shares in the capital stock of the Company. The options are exercisable on or before June 6, 2018 at a price of $1.05 per share.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company's main focus is the acquisition of Lithium projects in South America, including interests in the Maricunga Salar and the Salar de Aguas Calientes in Chile. The Company also maintains a portfolio of precious and base metal exploration-stage projects, including Yanamina (Peru) and Valsequillo (Mexico).
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik van Alphen
Chief Executive Officer
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, timing and cost of exploration programs, the proposed use of the proceeds from the private placement; the Company's expectation that it will be able to enter into agreements to acquire interests in additional lithium or other mineral projects; anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the proposed acquisition by the Company of interests in the Maricunga and Aguas Calientes Salars, Chile, and the anticipated business plans and timing of future activities 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 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, including TSXV acceptance, for its planned 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 Limited
For further information: Henk Van Alphen or Marla Ritchie, Phone: 604-331-0096 Ext. 3886 or 604-638-3886, E-mail: [email protected]