Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF Newrange Gold Closes First Tranche of Non-Flow-Through Financing and Announces Flow-Through Financing
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Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
Newrange Gold Closes First Tranche of Non-Flow-Through Financing
and Announces Flow-Through Financing
VANCOUVER, BRITISH COLUMBIA, February 24, 2022 (TSXV: NRG, US: NRGOF, Frankfurt: X6C)
– Newrange Gold Corp. ("Newrange" or the “ Company") is p leased to announce the closing of the
first tranche of a non -brokered private placement for gross proceeds of $4 08,100 consisting of
5,830,332 non-flow-through units (the “NFT Units”) at a price of $0.07 per unit. Each NFT Unit consists
of one common share of the Company and one- half shar e pur chase war rant (each whole share
purchase warrant, a “NFT Warrant”). Each NFT Warrant entitles the holder thereof to purchase one
common share at an exercise price of $0.12 at any time until February 23, 2024. Proceeds will be used
for general working capital and for continued surface exploration on the Pamlico project in Nevada.
The Company also announces a parallel non-brokered flow-through private placement for gross
proceeds of up to $1,500,000 consisting of 15,000,000 units of the Company (the “FT Units”) at a price
of $0.10 per FT Unit. Each FT Unit consists of one common share of the Company and one-half share
purchase warrant (each whole share purchase warrant, a “FT Warrant”). Each FT Warrant entitles the
holder thereof to purchase one common share at an exercise price of $0. 12 at any time until February
23, 2024. Proceeds will be used to advance the Company’s Argosy Gold Mine Project in the Red Lake
Mining Division of Ontario . The FT financing and the second and final tranche of the NFT financing
(approximately $100,000) are expected to close in approximately two weeks.
Cash finder’s fees or commissions in the amount of $13 ,720 were paid on the first tranche of the NFT
financing and the Company issued 63,000 share purchase finders warrants (the “Finders Warrants”).
Each Finders Warrant entitles the holder thereof to purchase one common share at an exercise price of
$0.12 for a two-year period.
All securities issued are subject to a four -month hold period from the date of issuance and subject to
TSX Venture Exchange approval . The securities offer ed have not been registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
Insiders subscribed for an aggregate of 1,615,000 Units for a total of $ 113,050. As insiders of
Newrange participated in the financing, it is deemed to be a “related party transaction” within the
meaning of Multilater al Instr ument 61- 101 Protection of Minority Security Holders in Special
Transactions (“MI 61 - 101”). Newrange is relying on the exemptions from the for mal valuation and
minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61 -101, on the basis
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Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
that the fair market value of the transaction does not ex ceed 25% of Newrange’s market capitalization.
The Company will be filing a material change report in respect of the related party transaction on
SEDAR.
About Newrange Gold Corp.
Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including
Nevada and Ontario. The Company’s Pamlico Project in Nevada contains a large-scale multi-phase
polymetallic mineralizing system with multiple gold and cop per targets spread over more than 5,700
hectares. In t he pr olific Red Lake District of northwestern Ontario, the past-producing high-grade
Argosy Gold Mine is op en to dept h, while the adjacent North Birch Project offers additional blue-sky
potential. F ocused on developing shareholder value through exploration and development of key
projects, the Com pany is committed to bui lding sustainable value for all stakeholders. Furt her
information can be found on our website at www.newrangegold.com.
Signed: “Robert Archer”
CEO & Director
FOR FURTHER INFORMATION CONTACT:
Sharon Fleming Dave Cross
Corporate Communications Chief Financial Officer and Corporate Secretary
Phone: 760-898-9129 Phone: 604-669-0868
Email: [email protected] 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.
Forward-Looking Statement:
Some of the s tatements in this news release contain forward- looking information t hat involves inherent risk and uncertainty affecting the
business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.