The company said the proceeds will be used to finance further exploration in Nevada and for working capital purposes.
Each unit will consist of one common share and one non-transferable share purchase warrant, with each warrant to entitle the holder to purchase one additional common share at a price of $0.33 for a period of three years from closing, provided that in the event the closing price of its shares is $0.40 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 to thirty calendar days from the giving of such notice.
The private placement is subject to regulatory acceptance and is expected to close by February 26, 2021.
Silver Range a precious metals prospect generator working in Nevada and Northern Canada and has assembled a portfolio of 44 properties, 10 of which are currently optioned to others. The company is actively seeking other joint venture partners to explore the high-grade precious metal targets in its portfolio.
On February 4, Silver Range revealed that it was boosting its property portfolio with the addition of a new high-grade silver asset. The Roughrider property in the Walker Lane, west central Nevada, consists of six claims that contain shear-hosted quartz veins and stockworks along a one-kilometre-long shear zone.
Earlier sampling by Silver Range returned 4,320 grams per ton (g/t) silver and 3,530 g/t silver from vein material exposed in underground workings along a 300 metre (m) interval, where the shear zone is intermittently exposed.
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