Silver Range Resources Ltd (CVE: SNG) said Monday that it had closed the first tranche of its previously announced placing, raising C$104,000 gross, to be used for exploration at its prospects in Nevada, in the US and Nunavut and the Northwest Territories. in Canada.
The prospect generator also provided an update on its response to the coronavirus pandemic.
WATCH: Full interview: Silver Range Resources is a prospect generator with interesting projects in 3 jurisdictions
On February 11 this year, Silver Range announced a non-brokered private placing of up to 7.5 million units at C$0.08 each to raise total proceeds of up to C$600,000.
The first tranche saw the company issue 1.3 million units at C$0.08 each, bringing in C$104,000, it said on Monday.
Each unit consists of one share and one share purchase warrant. Each warrant allows the holder to purchase one further share for C$0.16 for two years from closing.
All shares are subject to a statutory hold period, which expires on August 7 this year. If the closing price of shares is C$0.20 or greater for ten consecutive days subsequent to the expiry of the four month hold period, Silver Range can give an earlier expiry date for the warrants.
"In response to the COVID-19 outbreak, Silver Range has suspended work in Nevada and is rescheduling planned work in Nunavut, pending lifting of public health orders in the NWT and Nunavut," the company said in a statement.
"The company has redirected resources to project generation and target identification in anticipation of favorable business and market conditions in the days ahead."
Silver Range boasts a portfolio of 45 properties, eight of which are currently under option to others.
The company says it's actively seeking other joint venture partners to explore the high grade precious metal targets in its portfolio.
Contact the author at giles@proactiveinvestors.com