ACCESSWIRE
13 May 2022, 00:13 GMT+10
STEAMBOAT SPRINGS, CO / ACCESSWIRE / May 12, 2022 / WESTERN SIERRA RESOURCE CORPORATION (OTC PINK:WSRC) announces that its FORM 10 REGISTRATION Statement filed December 21, 2021, will be refiled pending response from the SEC concerning its December 31, 2021, year-end audit. The Company commissioned a year-end PCAOB audit on January 17, 2022, which was filed on April 14, 2022. The completion of the year-end audit became an SEC condition of the FORM 10 during the review period. Upon the revised effective date, WSRC will become an SEC full reporting company and begin filing Forms 10-K, 10-Q and 8-K.
WSRC Financing Update:
Since December 2021, WSRC has been negotiating a deal structure with, and satisfying due diligence requirements for, a private capital source prepared to fund the Company's operations through monetization of WSRC's land, water, and mining assets. This agreement is scheduled for final review by May 16, 2022, and contemplates up to $25 million in proceeds to retire existing debt and provide operating capital sufficient to fully fund the Company's various projects over the next 12 months-without dilution for its shareholders. Specific terms of the transaction will be announced upon completion of legal review.
In general, an initial round of capital is expected within the next 45 to 60 days in the amount of $10 million in exchange for a participation in future revenue generated by expansion and acceleration of the Company's current natural resource-related endeavors and utilizing the Company's $60+ million in appraised and audited assets.
Consistent with the terms of the agreement, WSRC intends to:
About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has 114-year history as gold and silver mining company with projects in Arizona, Nevada, California, and Mexico. WSRC currently owns six precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for purposes of irrigating and cultivating industrial hemp; processing hemp for manufacture of various building products; and for construction of affordable homes utilizing hemp-based materials-among other beneficial uses. WSRC's intent is to become a broad-based resource company with high value and high-income generating assets including precious metals, real estate, water, agriculture, helium, and 'green' technologies.
Forward Looking Statements:
This release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance. or achievements, and may contain the words 'estimate', 'project', 'intend', 'forecast', 'anticipate', 'plan', 'planning', 'expect', 'believe', 'likely', 'should', 'could', 'would', 'may' or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company's ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company's operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.
Contact:
Western Sierra Resource Corporation
westernsierraresource.com
Twitter | Facebook | LinkedIn | Telegram
@WSRCorp
SOURCE: Western Sierra Resource Corp.
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationNEW DELHI, India: Skyroot, India's first privately held company to design, build and test a solid rocket propulsion system, successfully ...
SYDNEY, NSW, Australia - Stocks in Asia were mostly moderately higher at the close Monday, while the U.S. dollar was ...
BEIJING, China: Chinese consumers have been vocal in their criticism of a $1,373 Gucci umbrella which should be kept out ...
STUTTGART, Germany: Beginning in 2025, Mercedes-Benz will incorporate a new, highly energy-dense battery in its G-Class electric vehicles, potentially solving ...
LONDON, England: UK prices are rising at their fastest rate in 40 years, as higher energy bills are changing spending ...
MINNEAPOLIS, Minnesota: Amidst the rising costs of essentials, such as fuel and food, and the rapid return by consumers to ...
After Marco Gonzales stymied the Toronto Blue Jays last week, allowing one run in six innings, Seattle Mariners manager Scott ...
One by-product of carrying the youngest roster in the majors is the occasional defensive lapse that proves costly, and for ...
Mumbai (Maharashtra) [India], May 23 (ANI): No case of Monkeypox has been reported in Mumbai so far, Brihanmumbai Municipal Corporation ...
Manny Machado had four extra-base hits in a game for the first time in his career and rookie left-hander MacKenzie ...
The Dallas Fuel and Atlanta Reign made big moves up the West division standings by feasting on bottom feeders Sunday ...
OpTic Texas stayed unbeaten in three matches and took sole possession of second place Sunday as Week 2 concluded in ...