By Laura Lutz
Washington, March 9 - Wealth Minerals Ltd. closed a private placement of units for C$7 million, including a fully exercised greenshoe for C$1 million.
The company sold 3.5 million units of one share and one half-share transferable warrant at C$2.00 per unit. Each whole warrant will be exercisable at C$2.50 for two years.
Expiry of the warrants may be accelerated to 30 days if the daily volume-weighted average trading price of the company's shares exceeds C$4.00 for 20 consecutive trading days.
The deal priced on Feb. 8 as a C$6 million offering of 3 million units with a greenshoe for 500,000 additional units.
The deal was placed through a syndicate of underwriters.
Proceeds will be used for exploration on the company's uranium properties in Argentina, for mineral property investigations and potential acquisitions and for working capital.
Wealth is a Vancouver, B.C.-based mineral exploration company.
Issuer: | Wealth Minerals Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$7 million
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Units: | 3.5 million (includes greenshoe for 500,000 units)
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Price: | C$2.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$2.50
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Pricing date: | Feb. 8
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Settlement date: | March 9
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Stock symbol: | TSX Venture: WML
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Stock price: | C$2.19 at close Feb. 7
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Stock price: | C$4.00 at close March 9
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