Western Sierra Resource Corp (WSRC)

[horst]

There’s been almost no change to $WSRC’s outstanding common shares in years, and WSRC’s public float has been reported identically by the transfer agent since late 2019, so I don’t understand why a few folks have been accusing WSRC management of a pump and dump - the allegation doesn't make sense. There’s demonstrably been no dump. The latest figure given for the float at OTC Markets is 111,263,126 as of 5/26/21, unchanged since 2019. The “Held at DTC” number is usually more or less the public float, and it’s listed as 112,851,392 as of today’s OTC Markets update–just 1.6M more shares than the aforementioned public float figure.



The float was identically disclosed as of 9/30/2020 and 12/31/2019.



The last time unrestricted common shares were issued by WSRC was in mid-2018 when approximately 13M unrestricted common shares were issued for debt conversion.



Since the beginning of 2019, only around 9M new common shares total have been issued, and they were all restricted.



In fact, in the last decade, only around 34M total new common shares (restricted + unrestricted) have been issued in ten years. That’s nothing short of astounding for a penny stock.



So there’s been essentially no change to float since mid-2018, and there’s no history of excessive dilution with this stock. This being the case, what on earth would WSRC allegedly be dumping? There have been zero new commons in 2020 or 2021. It’s of course feasible that some restricted shares can make it into the float as they become unrestricted, but that hasn’t happened to any significant degree judging from today’s “Held at DTC” number, which is extremely close to the public float number that’s been unchanged since late 2019 and reported as recently as May 2021. So I don’t see any merit to the claims that the company is involved in a P&D. No new shares in recent years = no dump.



I do think WSRC could better explain what’s happened with its preferred stock in recent months, but that’s another matter. As a retail trader, I’m primarily concerned with what’s happening with the public float, and I don’t see any red flags as of this writing. Things could change, i.e. there could be a future AS increase (as there can always be with any stock), but up to this point I’m not seeing anything problematic that’s occurred with WSRC and its common share structure - in fact, in that regard WSRC has been a shining light in the pink sheets. For the past decade it’s been that one-in-a-thousand rare penny stock that has never screwed its retail shareholders with excessive dilution or a reverse split.

Again, I’m just writing this post because one of two necessary prerequisites of a pump and dump is a dump, and there has demonstrably been no dump by WSRC, not recently and not ever. At this point there can’t be any meaningful dilution unless they raise the AS (there’s less than 1M authorized remaining), and they haven’t raised the AS since around 2010 when they went from 300M to 350M authorized (hardly catastrophic, and they took their time issuing the next 49M mostly restricted shares).

Just my two bits on the matter based on disclosures and numbers reported to OTC Markets, which demonstrate that there has been no dilution, no dump, no new unrestricted common shares since mid-2018, no history of excessive dilution, relatively few shares of any kind (restricted + unrestricted) issued over the last decade, and no meaningful room left in the authorized shares for dilution.

I haven’t done in-depth research beyond what I’ve just written, and I don’t know the first thing about mining or hemp or water rights, so I won’t wade in on those matters—but I do know that there have been no new shares per all information from WSRC disclosures, the transfer agent, and OTC Markets.

GLTA,
H