28 March 2023
March 28, 2023 – Vancouver, B.C. – Silver Range Resources Ltd. [TSX-V: SNG] (“Silver Range” or the “Company”) announces that it has signed a Generative Alliance agreement (the “Alliance”) with Altius Minerals Corporation (“Altius”) incorporating the terms of the Letter of Intent described in the Company’s February 21, 2023 news release. Under the terms of the Alliance, Altius subscribed for 3,333,333 shares of the Company for total proceeds of $500,000 and will acquire a one percent (1%) net smelter return royalty interest on three Silver Range projects staked within a specified area of interest in the southwest United States.
Silver Range also announces the closing of the unit private placement originally announced on January 17, 2023. The placement consisted of the sale of 768,333 units at a price of $0.15 per unit, for total proceeds of $115,250 with each unit consisting of one common share and one-half (1/2) of a non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for a period of two years from closing. All these shares are subject to a hold period until July 28, 2023. The proceeds from this private placement will be used primarily for exploration work in the southwest United States.
Silver Range paid cash finders’ fees totalling $315 and 2,100 finder’s warrants to Canaccord Genuity Corp. in connection with this private placement, with each finder’s warrant entitling the holder to purchase one common share at a price of $0.30 for a period of two years from closing. An insider purchased 66,667 units of the private placement.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 45 properties, 13 of which are currently optioned to others. Four other projects have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.