Newrange Gold Corp.  - Newrange Closes First Tranche of Financing

Newrange Gold Corp. - Newrange Closes First Tranche of Financing

Non-flow-through financing. Newrange Gold closed the first tranche of a private placement and received gross proceeds of ~C$408,100 with the issuance of 5,830,332 non-flow-through (NFT) units at a price of C$0.07 per unit. Management and insiders acquired a total of 1,615,000 units. Each NFT unit is comprised of one common share and one-half share purchase warrant. Each whole NFT warrant may be exercised to purchase one common share for C$0.12 at any time until February 23, 2024. A second and final tranche to raise gross proceeds of ~C$100,000 is expected to close in approximately two weeks. Proceeds will be used, among other things, to fund surface exploration at the Pamlico project in Nevada. Flow-through financing. Newrange expects to raise up to C$1,500,000 with the issuance of up to 15 million flow-through (FT) units at a price of C$0.10 per FT unit in a private placement. Each unit is comprised of one common share and one-half share purchase warrant. Each whole FT warrant may be exercised to purchase one common share at a price of C$0.12 at any time until February 23, 2024. Proceeds will be used to fund exploration and drilling at the company's Argosy Gold Mine in the Red Lake Mining Division of Ontario, Canada. The FT financing is also expected to close in approximately two weeks. Drilling at North Birch and Argosy. Newrange recently started drilling at the North Birch project in the Birch-Uchi Greenstone Belt in northwestern Ontario, Canada with approximately 2,000 meters of drilling planned. Once completed, the rig will move to the nearby past-producing Argosy gold mine and test the depth of known veins below historic mine workings and the continuity of other veins. Rating is Outperform. We had already assumed a financing in our financial model based on our cash flow forecast and will update our estimates following closing of the financings. We think 2022 will be an eventful year for Newrange as activity accelerates at both North Birch and Argosy. We believe the drilling program could reveal the significant discovery potential at North Birch and unrealized potential remaining at Argosy. We think additional drilling at the company's Pamlico project in Nevada could begin during the second quarter of 2022. Read More >>

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District Scale Gold Exploration in Nevada and Ontario

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