Wealth Minerals acquires stake in Electric Royalties Ltd.
VANCOUVER, British Columbia–(Newsfile Corp. – March 10, 2023) – Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (“Company” or “Wealth Minerals Ltd.”) ) ) has purchased from World Copper Ltd. (“World Copper”) 2,000,000 ordinary shares in the capital of Electric Royalties Ltd. (each an “ELEC Share”), in addition to the news release dated January 25, 2023. I am reporting what I have done. The purchase price of $0.25 per ELEC share (the “deal”) has closed. Upon closing, the Company received 2,000,000 ELEC shares for a total cash payment of C$500,000.
As the Company owns more than 10% of World Copper’s outstanding common stock (and is an independent party (as defined in the TSXV Policy)), the transaction is a related party under Multilateral Agreement 61-101. Configure a deal. – Protection of Minority Shareholders in Special Transactions (“MI 61-101”). The Company relies on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for formal valuation and exemption from minority shareholder approval requirements at the time the share purchase agreement is entered into . Neither the fair market value of the ELEC shares nor the fair market value of the consideration we provided for them exceeded 25% of our market capitalization. Please also note that the Company and Electric Royalties Ltd. are not, and will continue to be, non-independent parties immediately after the Transaction.
On behalf of the Board of Directors
Wealth Minerals Co., Ltd.
“Hendrik Van Alphen”
Hendrik Van Alphen
chief executive officer
For more information, please contact:
Mara Richie, Michael Pound, Henk Van Alphen
Phone: 604-331-0096 or 604-638-3886
For all IR-related inquiries, please contact the following.
Liviakis Financial Communications Co., Ltd.
For all public relations inquiries, please contact:
Office: 212-532-2208 | Mobile: 917-371-4053
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Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian and US securities laws (collectively, “forward-looking statements”). All statements other than statements of historical fact include, but are not limited to, statements regarding transactions, anticipated business plans and the timing of our future actions. These are forward-looking statements. All of our Canadian public documents can be accessed at www.sedar.com. Readers are encouraged to review these materials, including technical reports submitted regarding our mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. We do not undertake any obligation to update any forward-looking statements contained in this news release or incorporated herein by reference, except as otherwise required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158115.