Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) has said is planning a new capital raise to finance its exploration activities in the southwestern US.
The company revealed a non-brokered private placement of up to 6 million units at a price of $0.15 per unit, for total proceeds of up to $900,000.
As per the terms of the placement, each unit will consist of one common share and one-half of one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.30 for a period of two years from closing.
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Silver Range also detailed its 2023 exploration plans, which include trenching at Steptoe in eastern Nevada to follow up on the discovery of a significant mineralized jasperoid breccia.
Other initiatives include underground mapping and sampling at East Goldfield and Bankroll properties; trenching high-grade veins at Cambridge; and surface exploration at Tule Canyon where 2022 sampling returned up to 1,420 grams per ton (g/t) silver.
Vancouver-based Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has a portfolio of 45 properties, 13 of which are currently optioned to others.
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