Silver Range Resources Ltd. Signs Generative Alliance Agreement with Altius Minerals and Closes Private Placement

Rhea-AI Summary

Silver Range Resources Ltd. (TSXV:SNG) has signed a Generative Alliance with Altius Minerals Corporation, where Altius subscribed for 3,333,333 shares for $500,000 and will receive a 1% net smelter return royalty on three Silver Range projects in the Southwest U.S. Additionally, the company closed a private placement, selling 768,333 units at $0.15 per unit, generating $115,250. Proceeds will be used for exploration in the region. The placement paid $315 in cash fees and issued 2,100 finder's warrants.

Positive

• Secured $500,000 through an alliance with Altius Minerals.
• Initiated a private placement raising $115,250 for exploration.

Negative

• None.

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES AND NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

VANCOUVER, BC / ACCESSWIRE / March 28, 2023 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range" or the "Company") announces that it has signed a Generative Alliance agreement (the "Alliance") with Altius Minerals Corporation ("Altius") incorporating the terms of the Letter of Intent described in the Company's February 21, 2023 news release. Under the terms of the Alliance, Altius subscribed for 3,333,333 shares of the Company for total proceeds of $500,000 and will acquire a one percent (1%) net smelter return royalty interest on three Silver Range projects staked within a specified area of interest in the southwest United States.

Silver Range also announces the closing of the unit private placement originally announced on January 17, 2023. The placement consisted of the sale of 768,333 units at a price of $0.15 per unit, for total proceeds of $115,250 with each unit consisting of one common share and one-half (1/2) of a non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for a period of two years from closing. All these shares are subject to a hold period until July 28, 2023. The proceeds from this private placement will be used primarily for exploration work in the southwest United States.

Silver Range paid cash finders' fees totalling $315 and 2,100 finder's warrants to Canaccord Genuity Corp. in connection with this private placement, with each finder's warrant entitling the holder to purchase one common share at a price of $0.30 for a period of two years from closing. An insider purchased 66,667 units of the private placement.

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, 13 of which are currently optioned 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.

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 securities 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 the private placement, 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/746229/Silver-Range-Resources-Ltd-Signs-Generative-Alliance-Agreement-with-Altius-Minerals-and-Closes-Private-Placement

FAQ

What is the Generative Alliance agreement between Silver Range Resources and Altius Minerals?

The Generative Alliance allows Altius to acquire shares and a 1% net smelter return royalty on three Silver Range projects for $500,000.

How much did Silver Range Resources raise in their recent private placement?

Silver Range raised $115,250 by selling 768,333 units at $0.15 per unit.

What will the proceeds from the private placement be used for?

The proceeds will primarily be used for exploration work in the Southwest United States.

What is the stock symbol for Silver Range Resources?

The stock symbol for Silver Range Resources is SNG on the TSXV.