Silver Range Resources Limted: Announces Private Placement
VANCOUVER, February 11, 2020 - Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range") announces a non-brokered private placement of up to 7,500,000 units at a price of $0.08 each for total proceeds of up to $600,000. Each unit will consist of one common share and one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.16 for a period of two years from closing. In the event the closing price of Silver Range shares is $0.20 or greater for a period of ten consecutive trading days subsequent to the expiry of the applicable four month hold period after closing, 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. This offering is subject to regulatory acceptance. The financing may close in tranches with the final tranche expected to close before mid-March, 2019.
The proceeds from this private placement will be used for working capital and exploration work in Nevada, Nunavut and the Northwest Territories.
Silver Range is a precious metals prospect generator working in Nunavut, Nevada and the Northwest Territories. It has assembled a portfolio of 45 properties, 6 of which are currently under option to others. Silver Range is actively seeking other joint venture partners to explore the high grade precious metal targets in its portfolio.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
ON BEHALF OF Silver Range Resources Ltd.
"Mike Power"
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
Investor Inquiries
Richard Drechsler
Vice-President, Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@silverrangeresources.com
http://www.silverrangeresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
Not for Dissemination or Distribution in the United States and Not for Distribution to United States Newswire Services
SOURCE: Silver Range Resources Ltd.