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Waseco Resources Inc V.WRI

Alternate Symbol(s):  WSRUF

Waseco Resources Inc. is a Canada-based exploration stage company. The Company is engaged in the acquisition and exploration of mineral properties. The Company operations are in Canada and the United States. The Company’s exploration projects include its primary project, the Battle Mountain Ridge Project in Nevada, United States, and interests in projects in the Quebec Labrador Trough and James Bay Lowlands. In Battle Mountain, Nevada, the Company leases 29 unpatented mining claims on the Battle Mountain Gold Trend, in Larder County, Nevada. In the Quebec-Labrador Trough, the Company controls these uranium prospects which consist of multiple blocks. Its James Bay Lowlands covers an approximately 2,440-acre claim block is in approximately to the DeBeers Victor mine in the Attawapiskat Region in Northern Ontario.


TSXV:WRI - Post by User

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Post by hockeytownon May 19, 2016 4:18pm
260 Views
Post# 24890005

Battle Mountain News

Battle Mountain News

 

Waseco negotiates Battle Mtn Ridge royalty reduction

 

2016-05-18 10:09 ET - News Release

 

Mr. Richard Williams reports

WASECO RESOURCES RENEGOTIATES BATTLE MOUNTAIN RIDGE LEASE AND ADVANCE ROYALTY

Waseco Resources Inc. has negotiated a reduction of the annual advance royalty payable on the Battle Mountain Ridge gold property in Nevada, and settled the current lease payments, and the current and coming year's advance royalty payment for shares. The preceding is subject to regulatory approval.

The annual advance royalty will be reduced from $75,000 (U.S.) annually to $50,000 (U.S.), starting in year three. The current annual advance royalty and the outstanding lease obligations have been settled by way of a shares-for-debt issuance of 1.5 million common shares at five cents per share, plus 750,000 share purchase warrants, exercisable at 7.5 cents for two years from the date of regulatory approval. Next year's advance royalty will be satisfied by the payment of $10,000 (U.S.) at the time of the share-for-debt settlement and a further $20,000 (U.S.) payment on March 17, 2017. The leaseholder has agreed to waive the next $5,000 (U.S.) lease payment, which is due in August, 2016.

Company president, Richard Williams, stated: "The Battle Mountain Ridge property is a very prospective exploration play, both because of its location on the prolific Battle Mountain trend and the results achieved to date on the property. Our last drill program was successful in intersecting high-grade gold, and providing supporting information for our exploration model. A follow-up program has been prepared and hopefully market conditions have improved sufficiently to allow us to finance and complete this program. The reduction in the advance royalty payments should facilitate this task."

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