(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA – TheNewswire - November 21, 2023 (TSXV:NRG ) , (OTC :NRGOF ) , ( Frankfurt:X6C)– Newrange Gold Corp. (" Newrange " or the “ Company ") announcesthat the previously announced transaction ( Newrange News Release ofMay 25, 2023 ) whereby Newrange wouldacquire 100% of the issued share capital of ASX-listed MithrilResources Limited (“ Mithril ”) in a friendly business combinationhas been terminated by mutual agreement. Nobreak fee is payable by either party under these circumstances.
Robert Archer, President and CEO of Newrange commentedthat, “despite overwhelming shareholder support (>99% approvalfor both companies) and unanimous approval from both boards, thecontinuing bear market for junior mining equities has prevented thecompletion of the Concurrent Financing of $3.6 million prior to thesecond court hearing on November 22, which is a Condition Precedent ofthe Scheme Implementation Deed and the Reverse Take Over.
While we are deeply disappointed in this outcome, thecompanies remain in contact should there be a future opportunity topropose an alternative transaction. Consequently, Newrange willupdate shareholders at the earliest opportunity as thingsdevelop.”
Simultaneously, Newrange’s Board of Directors willdecide on the implementation of the proposed name change and 2:1 shareconsolidation, both of which are subject to final TSXVapproval.
ABOUT NEWRANGE
Newrange is anexploration company listed on the TSXV, with a focus on district-scaleexploration for precious metals in the prolific Red Lake District ofnorth-western Ontario, Canada. The past-producing high-grade ArgosyGold Mine is open to depth, while the adjacent North Birch Projectoffers additional discovery potential. Furtherinformation can be found on our website at www.newrangegold.com .
Signed: “Robert Archer”
President & CEO
Forfurther information contact :
Email: info@newrangegold.com
Tel.: +1 (877) 271-5886 ext. 110
Website: www.newrangegold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
Forward-LookingStatement:
Some of the statements in this newsrelease contain forward-looking information that involves inherentrisk and uncertainty affecting the business of Newrange Gold Corp.Actual results may differ materially from those currently anticipatedin such statements.
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