FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth“) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZN), makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting (“NI 62-103“) and National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104“).
Pursuant to (i) the exercise of contractual options (each, an “Option“) to purchase common shares (each, a “WCU Common Share“) in the capital of World Copper Ltd. (“WCU “) held by Wealth Minerals by certain Option holders (each, an “Option Holder“) at a price of $0.33 per WCU Common Share (for proceeds of $449,121.09), and (ii) the transfer of WCU Common Shares as bonus payments to certain directors, officers and consultants of the Company (for no proceeds), Wealth Minerals reports that it has disposed ownership of an aggregate of 2,400,973 WCU Common Shares between December 23, 2021 and September 1, 2022 (the “Disposition“).
Immediately prior to the Disposition, Wealth Minerals beneficially owned and had control and direction over an aggregate of 21,558,530 WCU Common Shares, representing approximately 43.26% of the issued and outstanding WCU Common Shares on a non-diluted basis. Immediately after the Disposition, Wealth Minerals beneficially owns and has control and direction over an aggregate of 19,157,557 WCU Common Shares, representing approximately 17.03% of the issued and outstanding WCU Common Shares on a non-diluted basis, as a result of the Disposition and the issuance of WCU Common Shares by WCU to other parties in the intervening period. The change in Wealth Minerals’ securityholding percentage of WCU Common Shares is a decrease of approximately 26.23%.
Wealth Minerals also has ownership of a special warrant (the “Special Warrant“), representing 100% of the issued and outstanding special warrants of WCU. The Special Warrant entitles the holder thereof to acquire upon the deemed exercise of the Special Warrant, for no additional consideration, up to 8,148,900 WCU Common Shares from time to time, upon the exercise of any of the common share purchase warrants of WCU (the “WCU Warrants“) which were issued and outstanding as of January 15, 2021. The Disposition did not result in a change in Wealth Mineral’s ownership of the Special Warrant.
Wealth Minerals disposed ownership in the WCU Common Shares pursuant to bonus payments and the exercise of the Options granted to Option Holders in connection with its October 2021 non-brokered private placement (see news release dated October 25, 2021) of 12,234,044 units, each unit consisting of one common share in the capital of Wealth Minerals and one Option. The Options are exercisable for a period of three years from the date of issuance. Wealth Minerals will review its holdings in WCU on a continuing basis and, other than as a result of the deemed exercise of the Special Warrant resulting in the issuance of WCU Common Shares to Wealth Minerals or the disposition of WCU Common Shares pursuant to the exercise of Options, may from time to time and at any time, in their sole discretion, acquire or cause to be acquired additional securities of WCU, or dispose or cause to be disposed such securities, through open market transactions, private placements by WCU and other privately negotiated transactions, or otherwise, in each case in accordance with Wealth Mineral’s obligations under applicable securities laws.
The Company will file an early warning report under WCU’s profile on the SEDAR website at www.sedar.com. A copy of the early warning report can also be obtained from the Company’s head office at Suite 2710 – 200 Granville Street, Vancouver, British Columbia, V6C 1S4, Attn.: Marla Ritchie (Phone: 604-331-0096 Ext. 3886).
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico and Chile. The Company’s main focus is the acquisition and development of lithium projects in South America. To date, the Company has positioned itself to work alongside existing producers in the prolific Atacama salar, where the Company has a substantial license package.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
For further details on the Company readers are referred to the Company’s website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the amount of, the anticipated deemed exercise of the Special Warrant and the number of Special Warrant Shares issuable thereunder, the exercise of Options, 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”, “will”, “may”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events that may, could, would, might or will occur or be taken or achieved. 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, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, 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.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.