Western Resources Corp T.WRX

Alternate Symbol(s): WTRNF

Chemicals Basic Materials

Western Resources Corp. is a resource company. The Company is mainly focused on the development of its Milestone potash project (the Milestone Project) in Canada owned by its subsidiary, Western Potash Corp. (Western Potash). The Company owns a 100% interest in the Milestone Project located in the province of Saskatchewan under various property leases. The Milestone Project includes approximately 84,557 acres of Crown held mineral leases and 65,305 acres of acquired freehold leases. The Company is constructing Phase I of the Milestone Project. The Company also invested in real estate development projects in the Greater Vancouver Area through limited partnerships. The Company completed the drilling of 11 potash exploration wells on project property, completed several hundred-line kilometers of 2D seismic study, and conducted a 3D seismic study during the project exploration program. The Company has no mineral production that yields any revenue.

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Western Resources Corp > 3 big partners

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Comment by mdjbrownon Mar 09, 2021 11:52am

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Post# 32752866

RE:RE:RE:3 big partners

Agreed Bmw

Would be nice to see more transparency regarding the real estate assets as that appears to be a bit of a money pit when considering this release in 2019 and where we are today.

https://www.westernresources.com/news/2019/07/25/western-garden-properties-reports-recovery-loan-investments

“Therefore, the Company is pleased to report that it has successfully invested in a total of 9 land mortgage deals over the last two years through its subsidiary of Western Garden totaled at $50,687,084. As of this month, all mortgage principals and interests were collected successively, resulting in Internal Rate of Return (IRR) at about 9.1%.

"All recovered funds were and will continue to be applied to the construction of the Company’s wholly owned potash Project. Currently, drillings for cavern development and process plant construction are both underway, with all work on track to meet projected schedules and budgets.

In addition to mortgage loans, Western Garden also made 5 equity investments in real estate projects in the Greater Vancouver Area totaled at just over $20,000,000. Among them is one office building project, and other four are townhouse developments in transit-oriented neighborhoods and are structured with the partnerships of reputable local developers. Management is now in discussion on ways of broadening our partnership base of potential investors through an investment fund to jointly develop similarly scaled real estate projects.”

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