Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) revealed that it has inked a generative alliance agreement with Altius Minerals Corporation (TSX:ALS) incorporating the terms of a letter of intent signed on February 21, 2023.
Under the terms of the alliance, Altius subscribed for 3.33 million Silver Range Resources shares for a total consideration of $500,000. It has also agreed to a generative alliance in the southwest United States whereby Altius will acquire a 1% net smelter return (NSR) royalty interest on three Silver Range projects staked within a specified area of interest.
Separately, Silver Range also announced 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.
The precious metals prospect generator working in Nevada and northern Canada said the proceeds from the private placement will be used primarily for “exploration work” in the southwest United States.
According to the company, each unit consisted of one common share and one-half of a non-transferable share purchase warrant, with each whole warrant entitling the holder to an additional common share at a price of $0.30 for a period of two years from closing. All the shares are subject to a hold period until July 28, 2023.
Silver Range said it paid a cash finders fee totaling $315 and 2,100 finder's warrants to Canaccord Genuity (TSX:CF, LSE:CF) Corp in connection with the private placement. Each finder's warrant entitles the holder to buy 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, Silver Range added.
Silver Range has assembled a portfolio of 45 properties, 13 of which are currently optioned to others. Four other projects have been converted to royalty interests.
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