Waseco Resources Inc - News Release
Corporate Update
| Waseco Resources Inc |
"YWS" TSX-V |
| December 16, 2003
| News Release |
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December 16, 2003, Toronto, Ont. Waseco
Resources Inc. has been informed by the TSX Venture
Exchange that is to be designated a Tier 2 Issuer,
effective January 2nd , 2004. Also, effective
January 2nd, Waseco’s new trading symbol
will be WRI.
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All of the management stock options which
were exercisable at $0.10 per share and were due to
expire on December 11, 2003, have been exercised,
which adds $55,500.00 to the corporate treasury. This
participation reflects the confidence of management
in the future performance of the company. Following
the issuance, there will be 25,741,321 shares issued
and outstanding.
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The Company also wishes to report that
it has recently received a number of what it considers
to be bona-fide inquiries for funding the Tewah Project,
where the company holds a 60% interest in an advanced
alluvial gold project hosting a 3 million ounce resource.
While these discussions are at very preliminary stages,
the renewed level of interest is noteworthy.
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The Company also wishes to announce that
it intends to raise up to one hundred and fifty thousand
dollars (CDN$150,000) by way of non-brokered private
placements of flow-through shares at $0.15 per share.
These shares will be available only to Ontario residents
and will be subject to applicable resale restrictions.
The funds obtained will be dedicated to exploration
of the Company’s Attawapiskat Diamond Project in the
James Bay Lowlands of North-eastern Ontario. A number
of airborne geophysical targets were identified during
last year’s campaign. The Waseco Property is immediately
adjacent to the northern boundary of the De Beers’
Victor Property.
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By Order of the Board
Richard Williams
President
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