Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) announced a non-brokered private placement of up to 6 million units at a price of $0.10 per unit for total proceeds of up to $600,000. Each unit will consist of one common share and one non-transferable share purchase warrant exercisable at a price of $0.15 for a period of two years.
Proceeds from the private placement will be used to finance further exploration in the southwestern United States and for working capital purposes, the company said. The placement is expected to close in one or more tranches by September 29.