Wealth Minerals closes $1.02-million private placement

Executive Summary

• Wealth Minerals Ltd. closed a non‑brokered private placement, issuing 20,457,250 units at $0.05 per unit for gross proceeds of $1,022,862.50.
• Each unit comprised one common share and one warrant to purchase an additional share at $0.06 exercisable for 36 months.
• Proceeds are earmarked for exploration activities, claim fees, and general working capital.

Key Details

• Units Issued: 20,457,250 (each = 1 common share + 1 warrant).
• Subscription Price: $0.05 per unit.
• Gross Proceeds: $1,022,862.50.
• Warrant Terms: Exercise price $0.06 per share; exercisable for 36 months from issuance.
• Related Party Participation: Director David Lies purchased 3,000,000 units (≈ 14.7% of total).
• Regulatory Exemptions: Transaction relied on MI 61‑101 exemptions (sections 5.5(a) and 5.7(1)(a)); fair market value ≤ 25% of market cap, no formal valuation or minority approval required.
• Use of Proceeds: Allocation to exploration programs, payment of claim fees, and general working capital needs.
• Finder Fees: None paid in connection with the offering.

Notable Quotes

(No CEO/President quotes were included in the release.)