Western Sierra Resource Corporation (OTCMKTS:WSRC) announced this morning that it concluded the negotiations and also executed the agreement in relation to the acquisition of 70% of the Silver State Mining Group Inc common stock. The announcement has also come as a major boost to the company’s stock and it has gone up by as much as 70% this morning.
Western Sierra Resource has made the acquisition for $10 million and the money is going to be deployed towards the early stage development of the Sage Hen Mining Claims located in Western Nevada. The deal had been in the works for some time and had actually led to a remarkable rally in the Western Sierra Resources stock over the past few days.
More importantly, it is interesting to note that the company has displayed immense confidence with regards to the potential of the project. The $10 million that has been invested in the project has come directly from the directors and officers at Western Sierra.
The company took this decision in order to ensure that it did not have to dilute any stock in order to facilitate this investment. In light of today’s rally and the announcement, it might be a good time to start tracking the Western Sierra stock.
Market Reactions
As of 11:34, WSRC stock surged 32% at $0.355. Total volume so far stood at 37.36 million shares, compared to its average volume of 7.48 million shares. The stock moved within a range of $ 0.2320 – 0.4430 after opening at $0.2650.
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