Silver Range Resources Ltd. Announces Issuance of Shares for Services

Rhea-AI Summary

Silver Range Resources Ltd. (TSXV:SNG) announced on April 14, 2023, acceptance from the TSX Venture Exchange to issue 148,770 shares to Paladin Geoscience Corp. This issuance is part of a "Shares for Services Agreement" for geological and consulting services, which will expire on March 31, 2024. Paladin, controlled by Silver Range's CEO Michael A. Power, can elect to receive up to $5,000 of its monthly fees in Silver Range shares at a deemed price reflecting the market value minus a discount. The shares were issued between $0.0613 and $0.0744, covering services from October 1 to November 30, 2022, and are subject to a hold period expiring on August 14, 2023. Silver Range is a precious metals prospect generator with 45 properties in Nevada and Northern Canada, actively seeking joint venture partners.

Positive

• Issuance of shares for consulting services strengthens partnerships and cash flow management.
• The share issuance is part of an ongoing services agreement, indicating a strategic collaboration.

Negative

• The reliance on share issuance for consultant payments may raise concerns about cash flow stability.
• The potential dilution of existing shareholders due to the issuance of additional shares.

VANCOUVER, BC / ACCESSWIRE / April 14, 2023 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range") announces, further to its April 4, 2023 news release, that it has received acceptance from the TSX Venture Exchange (the "Exchange") for the issuance of 148,770 shares to Paladin Geoscience Corp. ("Paladin"), a private company controlled by Michael A. Power, Silver Range's President and Chief Executive Officer, pursuant to a "Shares for Services Agreement" dated April 1, 2022 which will expire on March 31, 2024 unless extended in writing by the parties. This Agreement provides that Paladin will provide geological and other consulting services to Silver Range, with Paladin at its sole election to receive up to a maximum of $5,000 of its fee for any month in Silver Range's common shares, such shares to be issued at a deemed price per share equal to the market price of Silver Range's shares as traded in the Exchange calculated at the end of each month in which such services are provided minus 50% of the discount permitted under applicable Exchange policies. The shares will be issued semi-annually and will be subject to a four month and one day hold period, commencing on the date of issuance. Any consulting fees not paid by the issuance of Silver Range shares will be paid in cash.

These shares were issued at deemed prices per share ranging from $0.0613 to $0.0744, calculated as provided for above, and were issued in partial consideration for geological and other consulting services provided to Silver Range by Paladin during the period October 1, 2022 through November 30, 2022. These shares are subject to a hold period which expires on August 14, 2023.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 45 properties, of which 13 are currently under option to others. Four other projects have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

ON BEHALF OF SILVER RANGE RESOURCES LTD.

"Michael A. Power"

President and Chief Executive Officer

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 rdrechsler@silverrangeresources.com 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 differ materially from the expected results.

SOURCE: Silver Range Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/749172/Silver-Range-Resources-Ltd-Announces-Issuance-of-Shares-for-Services

FAQ

What recent announcement did Silver Range Resources Ltd. make regarding share issuance on April 14, 2023?

Silver Range announced the issuance of 148,770 shares to Paladin Geoscience Corp. for consulting services.

What is the purpose of the 'Shares for Services Agreement' with Paladin Geoscience?

The agreement provides geological and other consulting services to Silver Range, allowing Paladin to get paid in shares.

When does the Shares for Services Agreement with Paladin Geoscience expire?

The agreement expires on March 31, 2024, unless extended in writing.

What were the deemed prices per share for the shares issued to Paladin Geoscience?

The deemed prices per share ranged from $0.0613 to $0.0744.

How does the issuance of shares affect existing shareholders of Silver Range Resources Ltd.?

The issuance may lead to dilution of existing shareholders due to the increase in total shares outstanding.