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Waseco Resources (TSXV:WRI) has reported that it has negotiated a reduction of the annual advance royalty payable on the Battle Mountain Ridge gold property and settled the current lease payments. As quoted in the press release: The Annual Advance Royalty will be reduced from US $75,000 annually to US $50,000, starting in year three. The …
Waseco Resources (TSXV:WRI) has reported that it has negotiated a reduction of the annual advance royalty payable on the Battle Mountain Ridge gold property and settled the current lease payments.
As quoted in the press release:
The Annual Advance Royalty will be reduced from US $75,000 annually to US $50,000, 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 Cdn $0.05 per share, plus 750,000 share purchase warrants, exercisable at $0.075 for 2 years from the date of regulatory approval. Next year’s Advance Royalty will be satisfies by the payment of US$ 10,000 at the time of the share for debt settlement and a further US$ 20,000 payment on March 17, 2017. The leaseholder has agreed to waive the next US $5,000 lease payment, which is due in August, 2016.
Richard Williams, president, said:
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.