Newrange Gold Corp announced it closed a private placement for gross proceeds of $300,000, consisting of 10 million units at a price of $0.03 per unit.
Each unit consists of one share of the company and one warrant exercisable at a price of $0.05 at any time until August 22, 2024.
In a statement, the gold company said that “approximately 20%” of the funds will be used towards field logistics at the North Birch and Argosy projects in Ontario, with the remainder going to general working capital including due diligence on a potential acquisition.
READ: Newrange Gold says it is encouraged by exploration progress at Ontario gold properties
Cash finder's fees or commissions in the amount of $3,748.50 were paid on the financing and the company issued 89,950 share purchase finders warrants, exercisable at $0.05 for a two-year period.
Insiders subscribed for an aggregate of just over 1.11 million units for a total of $33,450.
Vancouver-based Newrange is focused on district-scale exploration for precious metals 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 Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas