Wealth Files Form 15 to Voluntarily Terminate U.S. Registration of Its Common Shares
(PressMethod) - Wealth Minerals Ltd. (the "Company" or "Wealth") (CDNX:WML.V - News)(Frankfurt:EJZ.F - News) announces that it has moved to voluntarily terminate the registration of its common shares (the "Termination") under the United States Securities Exchange Act of 1934 (the "1934 Act"). On April 8, 2008, Wealth filed a Form 15-F with the United States Securities and Exchange Commission, which had the effect of immediately suspending its reporting obligations under the 1934 Act, including Form 20-F and Form 6-K filings. Wealth expects the Termination to become effective 90 days after the filing of the Form 15 (July 7, 2008). As a consequence of the filing of the Form 15 and the suspension of its reporting obligations, Wealth's common shares are no longer eligible for trading on the Over-the-Counter Bulletin Board (the "OTCBB").
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Wealth determined to proceed with the Termination primarily due to the following factors:
1. Wealth's common shares are listed on the TSX Venture and Frankfurt Stock Exchanges;
2. Wealth does not maintain a U.S. listing of its common shares and currently has no plans to seek such a listing; and
3. A continued registration under the 1934 Act would require Wealth to comply, as an accelerated filer, with the full requirements of the Sarbanes-Oxley Act of 2002, and the Company does not believe that the significant expense of such compliance can be justified by the limited benefits that may be realized.
Wealth is current with all requirements under U.S. securities laws. Wealth's consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles ("GAAP") and, due to the deregistration of its common shares under the 1934 Act, Wealth will no longer provide a reconciliation note to U.S. GAAP in its annual financial statements.
The Termination will not affect Wealth's continuous disclosure obligations in Canada. Wealth will continue to file its continuous disclosure documents with the applicable Canadian securities regulators, which will be made available at www.sedar.com.
About Wealth Minerals Ltd.
Wealth is a well-financed mineral exploration company with approximately 26.7 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is the acquisition and exploration of prospective uranium properties in Argentina and Peru. In addition to ongoing work programs on its existing properties, the Company continues to evaluate the potential of several new uranium projects.
For further details on the Company readers are referred to the Company's web site (www.wealthminerals.com), Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of WEALTH MINERALS LTD.
Henk Van Alphen, President & Chief Executive Officer
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release, which has been prepared by management.
Contact:
Contacts:
Wealth Minerals Ltd.
Glenn Shand
(604) 331-0096 or 1-888-331-0096
(604) 408-7499 (FAX)
Email: info@wealthminerals.com
Website: http://www.wealthminerals.com
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