Silver Range Resources Ltd. closes second tranche of private placement, updates exploration and interim financial statements filing

28 May 2020

Silver Range Resources Ltd. announces the closing of the second tranche of the private placement announced February 11, 2020.  The second tranche consisted of the issuance of 5,225,000 units at a price of $0.08 per unit, for gross proceeds of $418,000.  Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.16 until May 26, 2022, provided that in the event the closing price of Silver Range's shares is $0.20 or greater for a period of ten consecutive trading days subsequent to the expiry of the statutory hold period, Silver Range will have the right to provide all warrant holders with notice that the expiry date for the warrants has been shortened to thirty calendar days from the giving of such notice.
All of the securities issued as part of this second tranche will be subject to a hold period in Canada expiring on September 27, 2020.  No finder's fees were paid and an insider, Strategic Metals Ltd., purchased 2,000,000 units for proceeds of $160,000.