Newrange Gold Corp. (TSX-V:NRG, OTCQB:NRGOF) said it has closed the acquisition of a 100% interest in the past-producing, high-grade Argosy Gold Mine in the Red Lake Mining Division of northwestern Ontario.
Under the acquisition, the company said it acquired all of the shares of Cangold Ltd., which owns the mine, in exchange for $100,000 and the issuance of 4,461,007 common shares.
In addition, there is a requirement to issue $250,000 in common shares on November 1, 2022, as evidenced by a promissory note, at the greater of: 90% of the volume-weighted average price at which the shares have been traded on the exchange during the 20 trading days preceding November 1, 2022; and $0.1125.
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All securities issued pursuant to the closing will be subject to a four-month hold period that will expire on March 2, 2022.
“The Argosy Mine is the most significant past-producing gold mine in the Birch-Uchi Greenstone Belt,” said Newrange CEO Robert Archer in a statement.
“The advancement of the nearby Springpole deposit has brought a lot of attention to the potential of this region and we believe that Argosy and our neighbouring North Birch Project position the company well to benefit from that development.”
Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The company is also advancing the Pamlico Project in Nevada, which contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares.
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