(TheNewswire)
Vancouver,B C -TheNewswire - February 27, 2023 - NewrangeGold Corp. (TSXV:NRG ) ( US:NRGOF ) ( Frankfurt:X6C) (" Newrange " or the “ Company ") announces that, further to the Company’s newsrelease of January 11, 2023, t he aggregatenumber of shares to be issued under shares for debt agreements withcertain creditors, will total 20,186,585 at a price of $0.015 pershare, for settlement of $302,798.76. Allsecurities issued will be subject to a four month hold period whichwill expire on the date that is four months and one day from the dateof issue. The Company has received TSX Venture Exchange approval andthe effective date of the transaction is February 27, 2023.
The issuance of 6 ,166,667 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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