| | Wed Jul 12, 2006
Wealth Closes Private Placements
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| | NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES
FOR IMMEDIATE RELEASE... Vancouver, British Columbia... Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSX Venture Exchange: WML, OTC: WMLLF, Frankfurt: EJZ), is pleased to announce the closing of the brokered private placement announced June 20, 2006. The brokered private placement consisted of 1,230,000 non-flow through Units at $1.75 and 300,000 flow-through units at $1.95 for gross proceeds of $2,737,500. Each unit issued in the placement consisted of one common share and one-half of a transferable warrant. Each whole warrant is exercisable to acquire one additional common share at a price of $2.25 until January 12, 2008.
In connection with the brokered private placement, the Agents received a commission of $116,375 in cash plus 43,000 Units. In addition, the Agents received agent's compensation options (the "Compensation Options") entitling the Agents to purchase up to 153,000 common shares of the Company (the "Compensation Shares") at a price of $2.00 per Compensation Share until January12, 2008.
All of the securities issued in connection with the private placement, including any securities which may be issued on the exercise of any warrants or Compensation Options, are subject to a hold period in Canada until November 13, 2006.
The net proceeds from the non-flow through portion of the private placement are intended to be used to fund exploration programs on the Company's uranium exploration projects in Argentina and for ongoing mineral property investigations and potential acquisitions, and for general working capital. The gross proceeds from the flow-through portion of the private placement will be used for general exploration expenditures on the Company's Mackenzie Gold Project, British Columbia, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2006 taxation year.
The Company is also pleased to announce that Mr. Henk Van Alphen has accepted the position of President & Chief Executive Officer, effective immediately. Mr. Van Alphen is currently the President & CEO of Cardero Resource Corp. and is a director of Athlone Energy Ltd.
Wealth is a mineral exploration company with 19,141,892 million shares issued and outstanding, approximately $4 million in the treasury and listings on the TSX Venture and Frankfurt Stock Exchanges and the OTCBB.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the foregoing securities in the United States. None of the foregoing securities have been and, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
For further details on the Company readers are referred to the Company's web site (www.wealthminerals.com), Canadian regulatory filings on SEDAR at www.sedar.com and United States regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Henk Van Alphen"
President & CEO
For further information, please contact: Glenn Shand
Phone: 604-331-0096 / 888-331-0096
E-mail: info@wealthminerals.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release, which has been prepared by management.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the timing of future activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans, potential mining scenarios, the success of mineral processing procedures, business trends and future operating costs and revenues. 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, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability 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. The reader is referred to the Company's public disclosure filings, which may be accessed via www.sedar.com and www.sec.gov, for a more complete discussion of such risk factors and their potential effects. 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. |
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| | You can view the Next News Releases item: Tue Jul 18, 2006, Wealth Closes Non-Brokered Private Placement
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