Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF Newrange Issues Shares for Debt
OTCQB: NRGOF Where Exploration Intersects Discovery TSXV: NRG
Newrange Issues Shares for Debt
VANCOUVER, BRITISH COLUMBIA, January 29, 2024 (TSXV: NRG, US: NRGOF, Frankfurt: X6C)
| – Newrange Gold Corp. ("Newrange" or the “Company") | announces that, in order to conserve capital, | |
| it has agreed with certain creditors to accept shares in the company in settlement of their debt. | The |
aggregate number of shares to be issued, subject to TSXV approval, is 5,767,252 at a price of $0.035 per share, for settlement of $201,853.81. All securities issued will be subject to a four-month hold period which will expire on the date that is four months and one day from the date of issue.
| The issuance of 3 | ,714,286 | common shares to directors and officers of the Company constitutes a |
| "related party transaction" as this term is defined in Multilateral Instrument 61-101: Protection of | ||
| Minority Securityholders in Special Transactions ("MI 61-101"). The directors and officers of the | ||
| Company, acting in good faith, determined that the fair market value of the common shares being | ||
| issued pursuant to the shares for debt transaction and the consideration being paid is reasonable. The | ||
| Company intends to rely on the exemptions from the valuation and minority shareholder approval | ||
| requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair | ||
| market value of the common shares nor the debt exceeds 25% of the Company's market capitalization. |
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Further information can be found on our website at www.newrangegold.com.
Signed: “Robert Archer”
President & CEO
FOR FURTHER INFORMATION CONTACT:
Email: [email protected]
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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