(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA – TheNewswire - January 29, 2024 (TSXV:NRG ) , (OTC :NRGOF ) , ( Frankfurt:X6C)– Newrange Gold Corp. (" Newrange " or the “ Company ") announcesthat, in order to conserve capital, it has agreed with certaincreditors to accept shares in the company in settlement of their debt. The aggregate number of shares to be issued,subject to TSXV approval, is 5,767,252 at a price of $0.035 per share,for settlement of $201,853.81. All securitiesissued will be subject to a four-month hold period which will expireon the date that is four months and one day from the date of issue.
The issuance of 3 ,714,286 common shares to directors and officers of theCompany constitutes a "related party transaction" as thisterm is defined in Multilateral Instrument 61-101: Protection ofMinority Securityholders in Special Transactions (" MI 61-101 "). Thedirectors and officers of the Company, acting in good faith,determined that the fair market value of the common shares beingissued pursuant to the shares for debt transaction and theconsideration being paid is reasonable. The Company intends to rely onthe exemptions from the valuation and minority shareholder approvalrequirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)of MI 61-101 as neither the fair market value of the common shares northe debt exceeds 25% of the Company's market capitalization.
Newrange is currently focused on district-scale explorationfor precious metals in the prolific Red Lake District of northwesternOntario. The past-producing high-grade Argosy Gold Mine is open todepth, while the adjacent North Birch Project offers additionalblue-sky potential. Further information can be found on our websiteat www.newrangegold.com .
Signed: “Robert Archer”
President & CEO
Forfurther information contact :
Email: info@newrangegold.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 .
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