Wealth Minerals to acquire Andacollo Oro gold project in Chile

Core Insights - Wealth Minerals has signed a binding letter of agreement to acquire a 100% royalty-free interest in the Andacollo Oro gold project in Chile, which previously produced 1.12 million ounces of gold from 1995 to 2018 [1][2] - The project is strategically located 60km from the port of Coquimbo and 480km north of Santiago, with existing permits and significant onsite infrastructure [1][2] - The acquisition is seen as a strategic move by the company to capitalize on the growing interest in gold as a safe-haven asset amid global economic uncertainties [3] Acquisition Details - The transaction will be executed through a share purchase and sale agreement, pending approval from the TSX Venture Exchange [3] - The completion of the acquisition is contingent upon a private company finalizing its own acquisition of a 100% royalty-free interest in the AOG project, involving deferred purchase payments totaling $30 million [4] - Wealth Minerals will assume the $30 million payment, with up to $7 million potentially payable in shares over 48 months, and $250,000 already paid [4] Financial Strategy - In connection with the acquisition, Wealth has launched a non-brokered private placement of at least 41.7 million units at $0.12 per unit to raise a minimum of $5 million [5] - The proceeds will be allocated towards acquisition costs, exploration, and development work, including drilling and permitting, with $1 million earmarked for general corporate purposes [5] - The company has appointed Chad Williams as a strategic advisor, enhancing its leadership in the mining sector [5]