Junior corporate roundup: Wealth, Lithium Chile
Wealth Minerals closed the final tranche of an oversubscribed non-brokered private placement. Aggregate gross proceeds were Cdn$6.9mn (US$5.2mn).
Net proceeds will be used to fund option payments, assessment of potential lithium mineral property acquisitions in South America, exploration on the company's existing project and for general and administrative expenses and working capital.
Wealth's lithium assets include the Trinity and Laguna Verde projects in Chile.
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Lithium Chile entered a memorandum of understanding with Prosper One International Holdings, under which Prosper may earn a 55% interest in Lithium Chile's Pintadas Norte project in Chile.
Under the deal, Prosper must incur Cdn$3mn of exploration expenditures by end-2021 and make a minimum Cdn$1mn equity investment in Lithium Chile.
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News in: Mining & Metals (Chile)
Spending pressures, subdued growth pose medium-term fiscal risks for Chile
The government hopes that three or four new lithium projects will be running by 2026, which could support medium-term revenues.
Japanese bank arranges US$2.5bn for Chile's Centinela mine expansion
The US$4.4bn project involves construction of a second concentrator at the copper mine operated by Antofagasta Minerals.
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