Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) has announced a $500,000 investment and an exploration alliance with Altius Minerals Corporation (TSX:ALS).
The company said Altius is subscribing for 3,333,333 of its shares for $0.15 each with no warrant for a total consideration of $500,000. It has also agreed to a generative alliance in the Southwest US whereby Altius will acquire a 1% net smelter return (NSR) royalty interest on three Silver Range projects staked within a specified area of interest.
“Silver Range is pleased to welcome Altius as a partner and strategic shareholder. As a highly successful project generator and royalty company, Altius’ investment is validation of the prospect generator model and a vote of confidence in Silver Range,” Silver Range vice president Richard Drechsler said in a statement. “We look forward to working with Altius to generate new valuable mineral projects in the Southwest United States.”
READ: Silver Range Resources reports ‘significant gold and silver mineralization’ linking Roughrider and Strongbox properties
With Altius now participating in a separate equity financing, Silver Range said it will apply to the TSX Venture Exchange for an extension in respect of the closing of its private placement announced on January 17, 2023, under which it is offering 6,000,000 units at $0.15 each for total proceeds of up to $900,000.
The company said each unit will consist of one common share and one-half of one non-transferable share purchase warrant, with each warrant entitling the holder to purchase an additional common share for $0.30 for two years from closing.
It said the Altius Investment is subject to regulatory acceptance and both the Altius Investment and the placement are now anticipated to close by March 15, 2023. Proceeds from both financings will be used primarily for exploration work in the Southwest US.
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