11 February 2020
Silver Range Resources Ltd. announced a non-brokered private placement of up to 7,500,000 units at a price of $0.08 each for total proceeds of up to $600,000. Each unit will consist of one common share and one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.16 for a period of two years from closing.
In the event the closing price of Silver Range shares is $0.20 or greater for a period of ten consecutive trading days subsequent to the expiry of the applicable four month hold period after closing, Silver Range will have the right to provide all warrant holders with notice of an earlier expiry date for the warrants – in such event, the warrants would expire thirty calendar days from the giving of such notice. This offering is subject to regulatory acceptance. The financing may close in tranches with the final tranche expected to close before mid-March, 2019.
The proceeds from this private placement will be used for working capital and exploration work in Nevada, Nunavut and the Northwest Territories.