Offering funds 2012 exploration program at Silver Range, Mint projects
By Devika Patel
Knoxville, Tenn., Jan. 30 - Silver Range Resources Ltd. said it will conduct a C$13.2 million non-brokered private placement of units and stock. The company has agreed to allot a portion of the sale to investors introduced by Axemen Resource Capital Ltd.
The company will sell 4 million units of one common share and a half-share warrant at C$1.20 per unit. Each whole warrant will be exercisable at C$1.80 for two years.
Silver Range will also sell 6 million flow-through common shares at C$1.40 apiece.
The price per share is a 9.38% premium to the Jan. 27 closing share price of C$1.28. The warrant strike price is a 40.63% premium to that price.
Settlement is expected Feb. 23.
Proceeds will be used for the 2012 exploration program at the Silver Range and Mint projects in the Yukon and for working capital purposes.
Silver Range Resources is a precious metal exploration company based in Vancouver, B.C.
| Issuer: | Silver Range Resources Ltd.
|
| Issue: | Units of one common share and a half-share warrant, flow-through common shares
|
| Amount: | C$13.2 million
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 23
|
| Stock symbol: | TSX Venture: SNG
|
| Stock price: | C$1.28 at close Jan. 27
|
| Market capitalization: | C$50.41 million
|
|
|
| Units
|
| Amount: | C$4.8 million
|
| Units: | 4 million
|
| Price: | C$1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.80
|
|
|
| Stock
|
| Amount: | C$8.4 million
|
| Shares: | 6 million
|
| Price: | C$1.40
|
| Warrants: | No
|
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