Business
Newrange and Mithril Resources Sign Mutual Termination for Business Combination
(TheNewswire) VANCOUVER, BRITISH COLUMBIA – TheNewswire - November...
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[{"type":"text","content":"Newrange and Mithril Resources Sign Mutual Termination for Business Combination\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n VANCOUVER, BRITISH\nCOLUMBIA –\n \n \n \n \n TheNewswire -\n \n \n \n \n November 21, 2023 (TSXV:NRG\n \n \n \n \n )\n \n \n \n \n ,\n \n \n \n \n (OTC\n \n \n \n \n :NRGOF\n \n \n \n \n )\n \n \n \n \n ,\n \n \n \n \n (\n \n \n \n \n Frankfurt:X6C)\n–\n \n \n \n \n Newrange Gold Corp.\n \n \n \n (\"\n \n \n Newrange\n \n \n \" or the “\n \n \n Company\n \n \n \")\n \n \n announces\nthat the previously announced transaction (\n \n \n \n \n Newrange News Release of\nMay 25, 2023\n \n \n \n \n ) whereby Newrange would\nacquire 100% of the issued share capital of ASX-listed Mithril\nResources Limited (“\n \n \n Mithril\n \n \n ”) in a friendly business combination\nhas been terminated by mutual agreement.\n \n \n No\nbreak fee is payable by either party under these circumstances.\n \n \n \n \n Robert Archer, President and CEO of Newrange commented\nthat, “despite overwhelming shareholder support (>99% approval\nfor both companies) and unanimous approval from both boards, the\ncontinuing bear market for junior mining equities has prevented the\ncompletion of the Concurrent Financing of $3.6 million prior to the\nsecond court hearing on November 22, which is a Condition Precedent of\nthe Scheme Implementation Deed and the Reverse Take Over.\n \n \n \n \n While we are deeply disappointed in this outcome, the\ncompanies remain in contact should there be a future opportunity to\npropose an alternative transaction.  Consequently, Newrange will\nupdate shareholders at the earliest opportunity as things\ndevelop.”\n \n \n \n \n Simultaneously, Newrange’s Board of Directors will\ndecide on the implementation of the proposed name change and 2:1 share\nconsolidation, both of which are subject to final TSXV\napproval.\n \n \n \n \n \n \n ABOUT NEWRANGE\n \n \n \n \n \n \n Newrange is an\nexploration company listed on the TSXV, with a focus on district-scale\nexploration for precious metals in the prolific Red Lake District of\nnorth-western Ontario, Canada. The past-producing high-grade Argosy\nGold Mine is open to depth, while the adjacent North Birch Project\noffers additional disco...