Subject to the acceptance for filing by the TSX Venture Exchange, Wealth Minerals Ltd. (TSXV:WML,OTCQX:WMLLF,FWB:EJZ) announced a non-brokered private placement of up to 4 million shares and debt settlement to an arm’s length private lender.
As quoted in the press release:
All securities issued in the Offering will have a hold period in Canada of four months from the closing of the Offering.
The net proceeds from the Offering are intended to be used to settle outstanding accounts payable, fund exploration programs on the Company’s Valsequillo Silver project, Mexico and for general working capital.
The Company has also arranged to settle the sum of CAD 515,092.80 owing to Mr. Carlos Ballon, an arm’s length private lender, by the issuance of 1,716,976 common shares at a deemed price of CAD 0.30 per share. The funds advanced by Mr. Ballon have been used by the Company for working capital and to make the initial USD 150,000 payment in respect of the Valsequillo Silver project. These securities will be subject to a hold period of four months from the date of issuance.