Silver Range Resources Ltd. Announces Private Placement

Rhea-AI Summary

Silver Range Resources Ltd. announced a non-brokered private placement to raise up to $900,000 through the issuance of 6,000,000 units priced at $0.15 each. Each unit consists of one common share and one-half share purchase warrant, entitling the holder to purchase an additional share at $0.30 for two years. The placement is subject to regulatory acceptance and expected to close by February 28, 2023. Proceeds will fund exploration in the southwestern US and working capital. Upcoming exploration includes various projects in Nevada and Arizona, where high-grade silver samples have been recorded.

Positive

• Planned exploration activities in high-potential areas of Nevada and Arizona.
• Significant previous sampling results up to 1,420 g/t silver at Tule Canyon.
• Capital raise of up to $900,000 for further exploration and working capital.

Negative

• None.

News Market Reaction – SLRRF

-15.83%

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-15.83% News Effect

On the day this news was published, SLRRF declined 15.83%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / January 17, 2023 / Vancouver, B.C. - Silver Range Resources Ltd. [TSX-V:SNG] ("Silver Range") announces a non-brokered private placement of up to 6,000,000 units at a price of $0.15 per unit, for total proceeds of up to $900,000. Each unit will consist of one common share and one-half of one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.30 for a period of two years from closing.

This private placement is subject to regulatory acceptance and is expected to close by February 28, 2023 and may be closed in tranches. The proceeds will be used to finance further exploration in southwestern United States and for working capital purposes.

Planned 2023 exploration includes:

• Trenching at Steptoe in eastern Nevada to follow up on the discovery of a significant mineralized jasperoid breccia announced November 17, 2022.
• Underground mapping and sampling at East Goldfield and Bankroll properties.
• Trenching high grade veins at Cambridge.
• Surface exploration at Tule Canyon (Roughrider and Strongbox properties) where 2022 sampling returned up to 1,420 g/t silver.
• Generative exploration in Nevada, Arizona and Utah.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 45 properties, 13 of which are currently optioned to others. Four other projects have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals 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 and CEO

For further information concerning the private placement, 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.

SOURCE: Silver Range Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/735451/Silver-Range-Resources-Ltd-Announces-Private-Placement

FAQ

What is the private placement amount announced by Silver Range Resources LTD on January 17, 2023?

Silver Range Resources Ltd announced a private placement of up to $900,000.

What will the proceeds from the private placement be used for?

The proceeds will be used for exploration in the southwestern United States and working capital purposes.

What is the price per unit in the private placement by Silver Range Resources Ltd?

The price per unit is $0.15.

What is the duration for the share purchase warrants associated with the private placement?

The share purchase warrants are valid for a period of two years from closing.

When is the expected closing date for the private placement by Silver Range Resources Ltd?

The expected closing date is by February 28, 2023.