Newrange Gold Corp. (CVE:NRG) (OTCMKTS:NRGOF) (FRA:X6C) has announced the closing of the second and final tranche of a non-brokered private placement for proceeds of $1,351,991.60.
The company said the proceeds will be used to advance its flagship Pamlico Project in Nevada and for general working capital. Total gross proceeds from the non-flow-through and flow-through financings were $3,057,391.48.
The offering consisted of 11,266,597 units, with each unit made up of one common share of the company and one-half share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.25 at any time until April 28, 2023.
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Newrange said cash finder’s fees or commissions in the amount of $69,605.97 were paid on the second tranche of the financing and the company issued 568,050 share purchase finders warrants. Each finders warrant entitles the holder to purchase one common share at an exercise price of $0.25 for a two-year period. Insiders subscribed for an aggregate of 1,075,000 units for a total of $129,000.
All securities issued under the placement are subject to a 4-month hold period from the date of issuance and subject to TSX Venture Exchange approval. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada, Ontario and Colorado. With locally high-grade, near-surface oxide gold mineralization, the company’s flagship Pamlico Project is poised to become a significant new Nevada discovery.
Contact the author at jon.hopkins@proactiveinvestors.com