Mr. Robert Archer reports
NEWRANGE GOLD CLOSES SECOND AND FINAL TRANCHE OF FINANCING
Subject to regulatory approval, Newrange Gold Corp. has closed the second and final tranche of a non-brokered private placement for gross proceeds of $495,000, consisting of 4.95 million shares. The financing was priced at 10 cents with no warrant. Proceeds will be used: to advance the company's flagship Pamlico project in Nevada; for exploration on the newly acquired Western Fold property in the Red Lake mining division; and for general working capital. Total gross proceeds of the financing amounted to $1.5-million (the first tranche was erroneously reported on Dec. 23, 2019, as being $1.05-million rather than $1,005,000).
"We are pleased with the response to our financing, particularly as most of the investors are new to the company and most are institutional," commented Robert Archer, Newrange's chief executive officer. "This appears to signal a positive change in sentiment in our industry and is most welcome after several difficult years for junior explorers. Newrange is now fully financed to continue our exploration uninterrupted. Furthermore, once we have completed the monetization of our Colombian projects, that will result in additional non-dilutive funding for the balance of 2020 and into 2021."
A finder's fee or commission equal to 7 per cent cash will be payable upon $395,000 and 85,750 shares issued on $245,000 in respect of this tranche of the financing. In total, a finder's fee or commission equal to 7 per cent cash will be payable upon $945,000 and 190,750 shares issued on $545,000 to IBK Capital Corp. of Toronto, Canada. All securities issued are subject to a four-month hold period from the date of issuance.
About Newrange Gold Corp.
Newrange Gold is a precious metal exploration and development company that is focused on near-to-intermediate-term production opportunities in favourable jurisdictions, including Nevada and Colorado. With numerous drill intercepts of near-surface oxide gold mineralization to 340 grams per tonne gold, the company's flagship Pamlico project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the company is committed to building sustainable value for all stakeholders.
We seek Safe Harbor.
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