Business
Western Sierra Resource Corporation Status Report and Financing Update
Western Sierra Resource Corporation Status Report and Financing Update.
About this update from Western Sierra Resource Corp.
[{"type":"text","content":"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:Incrementally utilize its land and water assets for cultivation of industrial hemp; manufacture of hemp-based construction materials; and to initiate development and subsequent construction of "green" affordable housing to help meet extraordinary pent-up demand.Initiate the modest but immediate processing and recovery of precious metals from tested above-ground material, and to subsequently scale into larger, ongoing mining operations at the Sage Hen location. Assay reports anticipate a potential recovery rate averaging $30,000 per ton using proprietary, environmentally friendly processing technologies.Fund the first of 12 helium production prospects, each governed by its own 3D seismic data set and under varying terms...