TORONTO, April 23, 2019 (GLOBE NEWSWIRE) -- Waseco Resources Inc. (“Waseco” or the “Company”) (TSX VENTURE:WRI)(FRANKFURT:WSE) announces its intention to complete a non-brokered private placement offering (the “Offering”) of units at a price of $0.05 per unit consisting of up to 10,000,000 common shares (the “Common Shares”) and 10,000,000 one half (1/2) share purchase warrants (the “Warrants”). Each of two (2) Warrants will entitle the holder to purchase one common share of the Company at a price of $0.075 per share at any time prior to 12 months from the date of the Closing of the Offering.
The proceeds received from the Offering will be used to carry out a follow-up drilling program on the Stibnite Gold Zone, on the Company’s Battle Mountain Ridge Project in Nevada and for general working capital purposes.
The Stibnite Gold Zone was first identified by the Company intersecting 25.4 g/t Au (0.9oz/t) over 3.7m (12 feet) in the interval 150-153.7m (492-504 feet). All five subsequent holes in the immediate area intersected gold mineralization (up to 7.59g/t Au over 3m and 6.68g/t over 3m) and have been interpreted as extending the Stibnite Gold Zone at least 155 meters along strike and a further 70m at depth. The Zone remains open to depth and in both directions. (for details see Company News Release Jan. 26th, 2017).
Company President, Richard Williams commented: “This property is strategically located on the Battle Mountain Trend and is immediately adjacent to Newmont’s Trenton Canyon Mine. We are a few miles south of SSR Mining’s Marigold Mine and north of Newmont’s flagship Phoenix/Fortune Mines. What we are seeing on this property is consistent with what other explorers are now finding along the Battle Mountain Eureka Trend where there are zones of disseminated gold located over higher grade structurally controlled systems.”
The Offering will be conducted by the Company utilizing the “existing shareholder exemption” as described in Multilateral CSA Notice 45-313- Prospectus Exemption for Distributions to Existing Security Holders (the “Existing Shareholder Exemption”), as well as exemptions under the “accredited investor” exemption of National Instrument 45-106- Prospectus and Registration Exemptions (NI-45-106) and also other exemptions available to the Company.
At the closing of the Offering, finder’s fees of 6% of the proceeds may be payable in cash.
A. Lee Barker, P.Eng. P. Geol., a Qualified Person pursuant to the guidelines of National Instrument 43-101, has reviewed and approved the technical content of this release.
Waseco is an exploration company focused on exploring for gold in Nevada. The Company is listed on the TSX Venture Exchange and the Frankfurt Stock Exchange. There are currently approximately 40 Million shares issued and outstanding.
On Behalf of the Board of Directors
President & C.E.O.
Neither the TSX Venture Exchange nor its regulatory service providers (as that term is defined in the policies of the TSX Venture Exchange accepts responsibility of the accuracy or adequacy of this release.
We seek safe harbor.