5 November 2020
November 5, 2020 – Vancouver, B.C. – Silver Range Resources Ltd. [TSX-V:SNG] (“Silver Range”) announces that pursuant to a shares for services agreement dated April 1, 2019, as amended, it has issued 297,600 shares to Paladin Geoscience Corp. (“Paladin”), a private company controlled by Michael A. Power, the Silver Range President and Chief Executive Officer. The shares were issued in partial consideration for geological and other consulting services provided to Silver Range by Paladin during the period April 1, 2020 and September 30, 2020.
Under the shares for services agreement, Paladin at its election can receive a minimum of 50% and a maximum of 100% of its consulting fees through the issuance of Silver Range common shares.
The 297,600 shares issued to Paladin are subject to a hold period that expires on March 1, 2021. The 297,600 shares were issued at a deemed price per share equal to the market price of Silver Range shares on the TSX Venture Exchange (the “Exchange”) as calculated at the end of each month in which such services are provided, minus 50% of the discount permitted under applicable Exchange policies. All consulting fees not paid to Paladin through the issuance of Silver Range shares are paid in cash.