Silver Range Resources Ltd (CVE:SNG) closed a private placement Thursday that net the company $582,500 for its exploration projects in Nevada.
The firm issued 2.33 million units priced at C$0.25, with each unit consisting of one share and one warrant.
The warrants are priced at $0.33 for a three-year term, and subject to acceleration if Silver Range shares stay at or above $0.40 for a ten-day period before June 25, 2021.
READ: Silver Range Resources options Silver47 Exploration a 100% interest in Michelle Silver-Zinc-Lead Project in central Yukon
Silver Range will have the right to provide all warrant holders with notice of an earlier expiry date for the warrants. In such event, the warrants would expire thirty calendar days from the giving of such notice.
All shares issued in the private placement, including any shares that may be issued pursuant to the exercise of the warrants, will be subject to a four-month statutory hold period.
Vancouver-based Silver Range is a precious metals prospect generator working in Nevada and northern Canada. It has a portfolio of 44 properties, 11 of which are currently under option to others.
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