(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA – TheNewswire - April 25, 2023 (TSXV:NRG ) , (OTC :NRGOF ) , ( Frankfurt:X6C)– Newrange Gold Corp. (" Newrange " or the “ Company ") ispleased to announce that, further to the Company’s newsrelease of March 6 ,2023 , it hasincreased the size of the Bridge Financing associated with theproposed Reverse Takeover (the “RTO”) with ASX-listed MithrilResources Limited.
As the Company consolidated its shareson the basis of one newfor every six old common shares on April 6, the placement will consistof 4,905,112 units (the "Units") at a price of $0.09 perUnit for gross proceeds of $441,460. Each Unit will consist of onecommon share (“Share”) in the capital of the Company and one sharepurchase warrant ("Warrant") with each Warrant beingconvertible into an additional Share at an exercise price of $0.12 fora period of 36 months from the date of issuance.
Cash finder’s fees or commissions in the amount of$12,383 will be paid on the financings and the Company will issue137,589 share purchase finders units (the “Finders Units”)exercisable at $0.09 per Finders Unit. Each Finders Unit entitlesthe holder thereof to purchase one common share and one share purchasewarrant at an an exercise price of $0.12 for a three-yearperiod. The placement is nowanticipated to close on or about April 28, 2023.
The net proceeds raised from the BridgeFinancing will be used to pay for the expenses related to the RTO andfor working capital purposes. Pursuant to the RTO, the securitiesissued under the Bridge Financing will be subject to the proposedsecond consolidation of 2:1.
All securities to be issued will besubject to a four-month hold period from the date of issuance andsubject to TSX Venture Exchange approval.??The securities offeredhave not been registered under the United States SecuritiesAct of 1933 , as amended,and may not be offered or sold in the United States absentregistration or an applicable exemption from the registrationrequirements.
Investors arecautioned that, except as disclosed in the management informationcircular or filing statement to be prepared in connection with thetransaction, any information released or received with respect to thetransaction may not be accurate or complete and should not be reliedupon. Trading in the securities of Newrange should be consideredhighly speculative.
The TSX VentureExchange Inc. has in no way passed upon the merits of the proposedtransaction and has neither approved nor disapproved the contents ofthis press release.
Newrange is currentlyfocused on district-scale exploration for precious metals in theprolific 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. Further information 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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