A private placement of 1 million common shares of Waseco Resources (WSCO-C) will be used to finance an engineering study on modifying a dredge unit for alluvial gold production at Waseco’s Tewah property in central Kalimantan, Indonesia.
The placement has a value of $200,000, and each share has an attached purchase warrant that permits the holder to buy another common share at 25cents during the first year after closing, or 30cents during the second year.
Waseco has short-listed a bucket-ladder dredge, currently in use in Malaysia, and another dredge located in Thailand, for the project; the owner of one of the dredges has offered a lease with an option to purchase and the other owner has offered a financing package for purchase.
Waseco will also be using some of the proceeds to fund exploration on its Tikukur hard-rock gold prospect in western Java.
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