- Wealth Minerals Ltd. (WML) has acquired shares of World Copper Ltd. (WCU) and closed a non-brokered private placement
- Prior to the closing of the acquisition, Wealth Minerals owned 8,333,333 World Copper shares
- After closing, Wealth Minerals owns 21,588,530 World Copper shares
- The company has also closed its non-brokered private placement for aggregate gross proceeds of $5.75 million
- The net proceeds were used to purchase the 13,225,197 World Copper shares and for general working capital
- Wealth Minerals Ltd. (WML) is up 3.279 per cent and is trading at $0.63 per share at 12:59 p.m. ET
- World Copper Ltd. (WCU) is up 4.651 per cent and is trading at $0.45 per share at 12:59 p.m. ET
Wealth Minerals (WML) has completed its purchase of World Copper (WCU) shares and closed a private placement for gross proceeds of $5.75 million.
Wealth Minerals acquired 13,225,197 common shares of World Copper from Escalones Resource, a subsidiary of Gold Springs Resource Corp.
A portion of the acquired shares will remain subject to a TSXV value securities escrow agreement between World Copper, Computershare Investors Services Inc. and certain shareholders.
The remaining acquired shares are free trading and any special warrant shares issued will be released from escrow in accordance with the agreement.
Prior to the closing of the acquisition, Wealth Minerals owned an aggregate of 8,333,333 common shares of World Copper representing approximately 16.72 per cent of the issued and outstanding shares.
After the closing of the acquisition, Wealth Minerals owns an aggregate of 21,588,530 World Copper shares, representing approximately 43.26 per cent of the issued and outstanding shares.
Wealth Minerals completed the share acquisition for investment and resale purposes.
Wealth Mineral has also closed its non-brokered private placement for aggregate gross proceeds of $5.75 through the issuance of 12,234,044 units at a price of $0.47 per unit.
Each unit consists of one common share of Wealth Minerals and one contractual option to purchase a World Copper share.
A single option entitles the holder to purchase one World Copper share from Wealth Minerals at a price of $0.33 for three years.
Finder’s fees were payable on a portion of the offering to PI Financial Corp., Canaccord Genuity Corp, and Richardson Wealth Ltd. for a total of $27,471.50 cash.
The net proceeds were used to purchase the 13,225,197 World Copper shares and for general working capital.
Wealth Minerals Ltd. (WML) is up 3.279 per cent and is trading at $0.63 per share at 12:59 p.m. ET.
World Copper Ltd. (WCU) is up 4.651 per cent and is trading at $0.45 per share at 12:59 p.m. ET.