Wealth Minerals receives $70,000 loan from CEO Wealth Minerals receives $70,000 loan from CEO
Wealth Minerals Ltd (2) (C:WML)
Shares Issued 158,118,262
Last Close 10/23/2020 $0.12
Friday October 23 2020 - News Release
Mr. Hendrik van Alphen reports
WEALTH RECEIVES $70,000 LOAN
Subject to TSX Venture Exchange acceptance, Wealth Minerals Ltd. has secured a loan in the amount of $70,000 from arm's-length lender, Hendrik van Alphen, director and chief executive officer.
Loan details
The loan has an 18-month term and bears interest at a rate of 8 per cent per annum compounded annually, payable on the maturity date. The company has agreed to issue in aggregate 700,000 non- transferable bonus common share purchase warrants to the lender. Each bonus warrant will entitle the holder to purchase one common share in the capital of the company at an exercise price of 10 cents per share for a period of two years. All securities issued pursuant to the loan will be subject to a hold period of four months and one day in Canada from the date of issuance. The funds available from the loan will be used for general working capital and to make property tax payments on the company's Atacama lithium project.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The company's main focus is the acquisition and development of lithium projects in South America. To date, the company has positioned itself to develop the Quisquiro salar in Chile (the Trinity project), as well as to work alongside existing producers in the prolific Atacama salar, where the company has a substantial licences package. The company has also positioned itself to play a role in asset consolidation in Chile with various lithium properties throughout the country.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The company also maintains and continues to evaluate a portfolio of precious and base metal exploration stage projects.
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