Silver Range Resources Ltd. announces private placement and grants options
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES/
VANCOUVER, March 14, 2018 /CNW/ - Silver Range Resources Ltd. (TSX-V:SNG) ("Silver Range") announces that it will carry out a 6,000,000 unit private placement. Each unit will be sold at a price of $0.15 for total proceeds of $900,000. Each unit will consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.25 for a period of two years from the closing of the placement. All common shares and warrants issued as part of the units will be subject to a statutory hold period of four months and one day from the date the placement closes.
In the event the market closing price of Silver Range shares is $0.35 or greater for a period of ten consecutive trading days subsequent to the expiry of the statutory hold period, Silver Range will have the right to provide all warrant holders with notice that the expiry date for the warrants has been shortened and the warrants will expire thirty calendar days from the date of such notice.
The proceeds from this private placement, which is subject to regulatory acceptance, will be used for working capital purposes. Closing is expected to occur by mid-April, 2018.
Silver Range also announces that it has granted 500,000 incentive stock options to an officer and a director of the company. The options entitle the holder to purchase up to 500,000 Silver Range common shares at a price of $0.17 per share at any time prior to March 14, 2023. The options will vest on a quarterly basis commencing three months from the date of granting.
Silver Range is a precious metals prospect generator working in Nunavut, Nevada and the Northwest Territories. It has assembled a portfolio of 39 properties, 12 of which are currently optioned to four partners. Silver Range is actively seeking other joint venture partners to explore the high 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.
"Ian J. Talbot"
Chief Operating Officer
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.
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, firstname.lastname@example.org, http://www.silverrangeresources.com