Silver Range Resources Ltd. Closes Private Placement

Rhea-AI Summary

Silver Range Resources Ltd. (TSXV:SNG) announced the closing of a $500,000 private placement with Altius Minerals, involving the sale of 3,333,333 shares at $0.15 per share. The shares have a hold period until July 2, 2023. Additionally, a generative alliance was established, granting Altius a 1% net smelter return royalty interest on three Silver Range projects in the U.S. The proceeds will primarily fund exploration activities. Silver Range also received an extension until March 28, 2023 to close a unit private placement for up to $900,000 involving 6,000,000 units. Investors can meet management at PDAC 2023 from March 5-8.

Positive

• Successfully closed a $500,000 private placement to fund exploration.
• Established a strategic alliance with Altius Minerals, enhancing project portfolio.
• Extension granted for a potential additional funding of up to $900,000 through unit private placement.

Negative

• Market may perceive the reliance on stock placements as a sign of financial instability.

News Market Reaction – SLRRF

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

Data tracked by StockTitan Argus on the day of publication.

VANCOUVER, BC / ACCESSWIRE / March 3, 2023 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range") announces the closing of the $500,000 private placement with Altius Minerals Corporation ("Altius") through its wholly-owned subsidiary, Altius Resources Inc., as originally announced on February 21, 2023. The private placement consisted of the sale of 3,333,333 common shares of Silver Range at a price of $0.15 per share, for total consideration of $500,000. All of these shares are subject to a hold period until July 2, 2023.

As previously announced, Silver Range has also agreed to a generative alliance in the southwest U.S. whereby Altius will acquire a one percent (1%) net smelter return royalty interest on three Silver Range projects staked within a specified area of interest in the southwest United States.

The proceeds from this private placement will be used primarily for exploration work in the southwest United States.

Silver Range also announces that it has been granted an extension until March 28, 2023 to close the unit private placement originally announced on January 17, 2023, to consist of the sale 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 (1/2) of a non-transferable share purchase warrant, with each whole 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. Further information regarding the closing will be disseminated in due course.

Silver Range invites investors and prospective partners to visit with management during PDAC 2023 from March 5-8 at booth #3124.

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.

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/741769/Silver-Range-Resources-Ltd-Closes-Private-Placement

FAQ

What is the latest private placement amount for Silver Range Resources Ltd. (SLRRF)?

Silver Range Resources Ltd. closed a private placement for $500,000.

What will the funds from Silver Range's private placement be used for?

The proceeds will primarily be used for exploration work in the southwest United States.

When is the hold period for the shares from Silver Range's recent placement?

The shares from the recent placement are subject to a hold period until July 2, 2023.

What is the significance of the alliance with Altius Minerals for Silver Range (SLRRF)?

The alliance allows Altius to acquire a 1% net smelter return royalty on three Silver Range projects, enhancing its asset portfolio.

When is Silver Range's unit private placement expected to close?

The unit private placement is expected to close by March 28, 2023.