Silver Range Resources Ltd. Closes Initial Tranche of Private Placement and Extends the Closing of the Final Tranche
Suite 510 – 1100 Melville Street
Vancouver, B.C. V6E 4A6
Tel: 604-687-2522
www.silverrangeresources.com
TSX-V: SNG
SILVER RANGE RESOURCES LTD. CLOSES INITIAL TRANCHE OF PRIVATE
PLACEMENT AND EXTENDS THE CLOSING OF THE FINAL TRANCHE
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
October 10, 2023 – Vancouver, B.C. – Silver Range Resources Ltd. [TSX-V:SNG] (“Silver
Range”) announces the closing of the initial tranche of the non-brokered private placement
originally announced on August 30, 2023. The initial tranche consisted of the issuance of
825,000 units at a price of $0. 10 per unit, for total proceeds of up to $82,500, with each unit
consisting of one common share and one non-transferable share purchase warrant. Each warrant
entitles the holder to purchase one additional common share at a price of $0. 15 until October 10,
2025, provided that in the event the closing market price of Silver Range’s shares is equal to or
greater than $0.20 for a period of 10 consecutive trading days subsequent to the expiry of the
statutory hold period, Silver Range will have the right to provide all warrantholders with notice
that the expiry date for the warrants has been shortened to 30 cale ndar days from the giving of
such notice.
All of the securities issued pursuant to the initial tranche including any common shares that may
be issued pursuant to the exercise of the warrants, are subject to a hold period in Canada until
February 11, 2024.
The proceeds from this private placement will be used to finance further exploration in the
southwestern United States and for working capital purposes.
Insiders of Silver Range subscribed for 500,000 units pursuant to the initial tranche . This
participation constituted a related party transaction within the meaning of TSX –V Policy 5.9 and
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions
(“MI 61 -101”). Silver Range has relied on the exemptions from the f ormal valuation and
minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and
5.7(1)(a) in respect of the related party participation in the private placement, as neither the fair
market value (as determined under MI 61-101) of the subject matter of, nor the fair market value
of the consideration for, the transaction, insofar as it involved interested parties, exceeded 25%
of Silver Range’s market capitalization (as determined under MI 61-101).
Silver Range has also applied to the TSX Venture Exchange for an extension in respect of the
closing of the final tranche, which is expected to close on or before November 13, 2023.
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About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator worki ng in the southwestern United States
and northern Canada. It has assembled a portfolio of 4 2 properties, 14 of which are currently
optioned to others. Four other projects have been converted to royalty interests. Silver Range is
actively seeking other j oint venture partners to explore the high -grade 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 securit ies 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.
“Mike Power”
President and CEO
For further information 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
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 d iffer materially
from the expected results.