TORONTO, July 03, 2020 (GLOBE NEWSWIRE) — Waseco Resources Inc. (“Waseco” or the “Company”-TSX-V: WRI) announced today that the Company will be extending the exercise period of a total 705,000 share purchase warrants, each of which is exercisable at $0.075 per share (collectively the “Warrants”). The Warrants were issued pursuant to a private placement which closed on July 5th, 2019. The Company proposes to extend the expiry date for all Warrants by six (6) months, and accordingly, the new expiry date is January 5th, 2021. All other terms and conditions of the warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange. A portion of the Warrants are held by a party who is considered to be a “related party” of the Company. Therefore, the amendment of the Warrants constitutes a related party transaction as contemplated by Instrument 61-101 Protection of Minority Shareholders in Special Transactions and TSXV Policy 5.9- Protection of Minority Shareholders in Special Transactions. However, the exemption from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company. A material change report in respect of this related party transaction will be filed by the Company.
Waseco is an exploration company focused on exploring for gold in Nevada. The Company is listed on the TSX Venture Exchange (“WRI”) and the Frankfurt Stock Exchange (“WSE”). There are currently 41,681,390 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 harbour.