Wealth Minerals Seeks Acquisitions
Feb 27 15
Wealth Minerals Ltd. (TSXV:WML) closed its non-brokered part and parcel private placement announced on February 2, 2015. Wealth Minerals is currently involved in the review and evaluation of a number of mineral projects in both Canada and South America for possible acquisition.
Wealth Minerals Seeks Acquisitions
Feb 23 15
Wealth Minerals Ltd. (TSXV:WML) will consider acquisitions. Wealth Minerals has arranged a non-brokered private placement of common shares consisting of up to six million common shares to raise gross proceeds of up to CAD 0.72 million. The net proceeds from the placement are intended to be used as a reserve to finance the costs related to the review and assessment of potential mineral property acquisitions in both Canada and South America and the negotiation of related formal documentation for any such acquisition(s) and for general and administrative expenses and working capital for the balance of the Wealth Minerals' fiscal year ending November 30, 2015.
Wealth Minerals Ltd. Enters into Option Agreement with Balmoral Resources Ltd. to Acquir 75% Interest in the N1/N2 Gold Project, Quebec
Feb 2 15
Wealth Minerals Ltd. announced that it has entered into an option agreement with Balmoral Resources Ltd. to acquire up to a 75% interest in the N1/N2 Gold Project, Quebec. The company plans to complete a 1,500 metre confirmatory drill program on the project in 2015. The N1/N2 Gold Project consists of 2 blocks of claims - a larger eastern block (N2) totaling 3,600 hectares and a smaller western block (N1) totaling 336 hectares, both road accessible and located approximately 25 kilometres south of Matagami, Quebec. The contiguous N2 block is further split into a northern section, the Northway Property and a southern section, the Noyon Property. The property is located approximately 25 kilometers south of the mining center of Matagami, Quebec, approximately 4.0 kilometers south of a major regional highway and is accessible by all-season roads. The western zones at N2 (A and RJ) are within the potential capture radius of the head frame on Vezza and the nearby Sleeping Giant mill complex. Pursuant to the January 30, 2015 agreement between Balmoral and Wealth (Option Agreement), Wealth has the option (the 'First Option') to earn an initial 51% interest in the property by incurring aggregate exploration expenditures of $2.2 million (of which the initial $400,000 is a firm commitment), and issuing an aggregate of 3 million Wealth common shares over three years. On exercise of the First Option, Wealth can elect to proceed with a further option (Second Option) to earn an additional 24% interest (total 75%). In order to exercise the Second Option, Wealth must incur additional exploration expenditures of $2.8 million and make cash payments to Balmoral of up to $600,000, both over three years. The payments can be made in either cash or shares at Wealth’s option. N2 is subject to existing net smelter returns royalties payable to various third parties. During the First Option, the initial $400,000 is a firm commitment and $1.2 million of the $2.2 million total expenditure in years 1, 2 and 3 must be expended on drilling as follows: $200,000 in Year 1, $400,000 in Year 2 and $700,000 in Year 3. During the Second Option, total expenditure of $2.8 million in years 4, 5 and 6 (or earlier) is subject to minimums of $500,000 per annum.