Newrange Gold Corp. (TSX-V:NRG, OTCQB:NRGOF) said it has closed the second and final tranche of a non-brokered private placement for gross proceeds of $271,000.26.
Gross proceeds from both tranches of the financing totalled $679,100.26 and comprised 7.27 million non-flow-through (NFT) units and 2,002,356 flow-through (FT) units.
Newrange Gold said the proceeds will be used for general working capital and for continued surface exploration on the Pamlico project in Nevada.
The final tranche consisted of 1.44 million NFT units at a price of 7 cents per unit and 2,002,356 FT units at a price of 8.5 cents per FT unit.
READ: Newrange confirms structural interpretation with first drill hole at North Birch project in Ontario
The FT units were issued as national flow-through units rather than as charity flow-through units, hence the lower price than announced in the company's news release of February 23, 2022.
Each NFT unit in the second tranche consists of one common share of the company and one-half share purchase warrant. Each NFT warrant entitles the holder thereof to purchase one common share at an exercise price of 12 cents at any time until April 20, 2024.
Each FT unit in the second tranche consists of one common share of the company and one-half share purchase warrant. Each FT warrant entitles the holder to purchase one common share at an exercise price of 12 cents at any time until April 20, 2024. Proceeds will be used to initiate fieldwork at the company's Argosy gold mine project in the Red Lake mining division of Ontario.
Cash finders' fees or commissions in the amount of $11,970 were paid on the second tranche of the financing and the company issued 144,529 share purchase finders' warrants. Each finder's warrant entitles the holder thereof to purchase one common share at an exercise price of 12 cents for a two-year period.
All securities issued are subject to a four-month hold period from the date of issuance and subject to TSX Venture Exchange approval.
Newrange is focused on district-scale exploration for precious metals in favourable jurisdictions, including Nevada and Ontario.
The company's Pamlico project in Nevada contains a large-scale multiphase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares.
In the prolific Red Lake district of Northwestern Ontario, the past-producing high-grade Argosy gold mine is open to depth, while the adjacent North Birch project offers additional blue-sky potential.
Contact the author at jon.hopkins@proactiveinvestors.com