STEAMBOAT SPRINGS, Colo., May 04, 2021 (GLOBE NEWSWIRE) — WESTERN SIERRA RESOURCE CORPORATION (“WSRC” or the “Company”) (OTC: WSRC) is happy to announce that having met all “Conditions Precedent,” and extra required documentation having been executed, the Company has now finalized the transaction with Global Hemp Group, Inc. (CSE: GHG / OTCQB: GBHPF / FRANKFURT: GHG) as outlined within the Definitive Agreement executed with Prescient Strategies Group, LLC (“PSG”), in a non-public, third occasion transaction (see information releases of February 8, 2021 for additional particulars).
Completion of this transaction paves the way in which for creation of the Colorado Hemp Agro-Industrial Zone (“HAIZ”) – a Sustainable Green Enterprise in Northwest Colorado and facilitates capital formation alternatives (a Senior Secured Debt Facility using the water belongings as collateral) and subsequent progress by completion of a collection of focused acquisitions strategic for accumulation of long-term actual property belongings and enhanced worth by growth of water infrastructure.
The transaction additionally gives the Company with the chance to not solely retire its present debt obligations, however to implement and develop WSRC’s inexperienced know-how and useful resource improvement initiatives together with its Mystere Power Group (MPG) applied sciences, gold and silver mining venture, helium manufacturing, oil and gasoline venture and different mineral improvement initiatives—along with increasing its land and present water infrastructure belongings developed over the past 15 years and at the moment valued at greater than +US$40 Million. The availability of those water belongings is a key useful resource within the improvement of the Colorado HAIZ, which is being developed beneath the banner of Innovative Hemp Technologies (“IHT”). IHT’s core goal is to develop “green” and “affordable” houses in a Planned Unit Development using hemp-based development supplies to satisfy historic pent-up demand within the space. The venture will maximize the useful use of the water belongings by all features of the HAIZ. This will complement the venture’s onsite improvement of largescale irrigation and cultivation of business hemp and the manufacture of hemp-based development merchandise and textiles. The venture will considerably develop the prevailing water rights and infrastructure belongings whereas producing a number of income streams for the Company. In addition, the venture will create important employment alternatives within the area.
About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah company), has traditionally been a gold and silver mining firm which continues to personal a number of historic treasured steel reserves in Arizona. In 2014 the Company broadened its imaginative and prescient to incorporate pure (and renewable) assets with its acquisition of water rights and related infrastructure belongings in Colorado appropriate for myriad “beneficial use” initiatives. These initiatives embrace, however are usually not restricted to, agricultural manufacturing; reasonably priced housing; improvement of “green” power and power conservation applied sciences; actual property improvement; recreation; inventory watering; greenhouse manufacturing; open area upkeep; and wildlife habitat. The Company continues to develop and develop “green” power financial savings know-how alternative by final yr’s introduced acquisition of Mystere Power Group (MPG); Helium improvement alternative by its three way partnership with LTA Exploration; and gold and silver mining alternatives in Nevada and Arizona.
Forward Looking Statements:
This launch contains “forward-looking statements” inside the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements embrace any which will predict, forecast, point out, or indicate future outcomes, efficiency or achievements, and will comprise the phrases “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or comparable phrases or expressions. Such statements are usually not ensures of future efficiency and are topic to dangers and uncertainties that would trigger the corporate’s precise outcomes and monetary place to vary materially from these in such statements, which contain dangers and uncertainties, together with these regarding the Company’s capability to develop. Actual outcomes could differ materially from these predicted and any reported shouldn’t be thought-about a sign of future efficiency. Potential dangers and uncertainties embrace the Company’s working historical past and assets, along with all ordinary and customary financial, aggressive, and fairness market situations / dangers.
Western Sierra Resource Corp
For Further Information Contact Western Sierra Resource Corporation:
Roger Johnson, CEO
Dennis Atkins, CFO