(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA - TheNewswire - February 24, 2022 - (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange GoldCorp. (" Newrange " or the“ Company ") is pleased to announce theclosing of the first tranche of a non-brokeredprivate placement for gross proceeds of $408,100 consisting of5,830,332 non-flow-through units (the “NFT Units”) at a price of$0.07 per unit. Each NFT Unit consists of one common share of theCompany and one-half share purchase warrant (each whole share purchasewarrant, a “NFT Warrant”). Each NFT Warrant entitles the holderthereof to purchase one common share at an exercise price of $0.12 atany time until February 23, 2024. Proceeds will be used for generalworking capital and for continued surface exploration on the Pamlicoproject in Nevada.
The Company also announces a parallel non-brokered flow-through private placement for grossproceeds of up to $1,500,000 consisting of 15,000,000 units of theCompany (the “FT Units”) at a price of $0.10 per FT Unit. EachFT Unit consists of one common share of the Company and one-half sharepurchase warrant (each whole share purchase warrant, a “FTWarrant”). Each FT Warrant entitles the holder thereof to purchaseone common share at an exercise price of $0.12 at any time untilFebruary 23, 2024. Proceeds will be used to advance the Company’sArgosy Gold Mine Project in the Red Lake Mining Division of Ontario. The FT financing and the second and final tranche of the NFTfinancing (approximately $100,000) are expected to close inapproximately two weeks.
Cash finder’s fees or commissions in the amount of$13,720 were paid on the first tranche of the NFT financing and theCompany issued 63,000 share purchase finders warrants (the “FindersWarrants”). Each Finders Warrant entitles the holder thereof topurchase one common share at an exercise price of $0.12 for a two-yearperiod.
All securities issued are subject to a four-month holdperiod from the date of issuance and subject to TSX Venture Exchangeapproval. The securities offered have not been registered underthe United States SecuritiesAct of 1933 , as amended, and may not be offeredor sold in the United States absent registration or an applicableexemption from the registration requirements.
Insiders subscribed for an aggregate of 1,615,000 Unitsfor a total of $113,050. As insiders of Newrange participated in thefinancing, it is deemed to be a “related party transaction” withinthe meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders inSpecial Transactions (“ MI 61- 101 ”).Newrange is relying on the exemptions from the formal valuation andminority approval requirements contained in Sections 5.5(a) and5.7(1)(a) of MI 61-101, on the basis that the fair market value of thetransaction does not exceed 25% of Newrange’s market capitalization. The Company will be filing a material changereport in respect of the related party transaction on SEDAR.
Newrange is focused on district-scale exploration forprecious metals in favorable jurisdictions including Nevada andOntario. The Company’s Pamlico Project in Nevada contains alarge-scale multi-phase polymetallic mineralizing system with multiplegold and copper targets spread over more than 5,700 hectares. Inthe prolific Red Lake District of northwestern Ontario, thepast-producing high-grade Argosy Gold Mine is open to depth, while theadjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration anddevelopment of key projects, the Company is committed to buildingsustainable value for all stakeholders. Further information can befound on our website at www.newrangegold.com .
Signed: “Robert Archer”
CEO & Director
Forfurther information contact :
Sharon Fleming Dave Cross
Corporate Communications Chief Financial Officer and CorporateSecretary
Phone: 760-898-9129 Phone: 604-669-0868
Email: info@newrangegold.com Email: dcross@crossdavis.com
Website: www.newrangegold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
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 anticipated in suchstatements.
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