On Tuesday, Western Sierra Resource Corp (OTCMKTS:WSRC) was in sharp focus among investors following a key announcement and the company’s stock ended up as one of the major gainers as it clocked gains of as much as 51% for the day.
Trading Data
On Tuesday, WSRC stock soared 51.36% to $0.0622 with more than 15.60 million shares, compared to volume of 1.38 million shares. The stock moved within a range of $0.0391 – 0.0835 after opening trade at $0.0391.
Western Sierra Announces FINAL Contract for $1.5 Billion Federally Funded Project Through the Company’s Wholly Owned Subsidiary
The company announced yesterday that back on September 28 this year a binding agreement worth as much as $1.976 billon was inked between its fully owned subsidiary unit Mitigation Solutions LLC and Santa Barbara County based Santa Maria Valley Water Conservation District. The announcement naturally came as a source of considerable optimism for investors and that was reflected in the price action that was seen in the Western Sierra Resource stock yesterday.
It was announced that the final contract with regards to the agreement had been signed between the two parties back on October 20, 2022. As per the provisions of the agreement, Mitigation Solutions is going to work on the damage and then help with restoring the Twitchell Dam to its actual holding capacities.
The cost of the whole thing is going to be in the $1.5 billion to $2 billion range. It should be noted that there are provisions in the contract for adjusting the terms and scope of the project as well.
Technical Data
WSRC stock is trading above the 20-Day and 50-Day Moving averages of $0.0432 and $0.0375 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0471.
