Wealth Minerals Ltd. said Dec. 20 that it plans to raise up to C$10 million from a nonbrokered private placement comprising up to 6,250,000 shares at C$1.60 apiece.

Net proceeds from the offering will be used to fund option payments on the company's projects, exploration work, working capital and for general and administrative costs. Completion of the placement is subject to the approval of the TSX Venture Exchange.

Wealth's main focus is the acquisition of lithium projects in South America, although it maintains and continues to evaluate a portfolio of precious and base metal exploration-stage properties.