Newrange Revises Shares for Debt Issuance and Closes Transaction

About this update from Pinnacle Silver And Gold Corp

[{"type":"text","content":"Newrange Revises Shares for Debt Issuance and Closes Transaction\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,\nB\n \n \n \n \n C -\nTheNewswire -\n \n \n \n \n February 27, 2023 -\n \n \n \n \n Newrange\nGold Corp.\n \n \n \n \n (TSXV:NRG\n \n \n \n \n )\n \n \n \n \n (\n \n \n \n \n US:NRGOF\n \n \n \n \n )\n \n \n \n \n (\n \n \n \n \n Frankfurt:X6C)\n \n \n \n (\"\n \n \n Newrange\n \n \n \" or the “\n \n \n Company\n \n \n \")\n \n \n announces that, further to the Company’s news\nrelease of January 11, 2023, t\n \n \n he aggregate\nnumber of shares to be issued under shares for debt agreements with\ncertain creditors, will total 20,186,585 at a price of $0.015 per\nshare, for settlement of $302,798.76.\n \n \n All\nsecurities issued will be subject to a four month hold period which\nwill expire on the date that is four months and one day from the date\nof issue.  The Company has received TSX Venture Exchange approval and\nthe effective date of the transaction is February 27, 2023.\n \n \n \n \n The issuance of 6\n \n \n ,166,667\n \n \n common shares to directors and officers of the\nCompany constitutes a \"related party transaction\" as this\nterm is defined in Multilateral Instrument 61-101: Protection of\nMinority Securityholders in Special Transactions (\"\n \n \n MI 61-101\n \n \n \"). The\ndirectors and officers of the Company, acting in good faith,\ndetermined that the fair market value of the common shares being\nissued pursuant to the shares for debt transaction and the\nconsideration being paid is reasonable. The Company intends to rely on\nthe exemptions from the valuation and minority shareholder approval\nrequirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)\nof MI 61-101 as neither the fair market value of the common shares nor\nthe debt exceeds 25% of the Company's market capitalization.\n \n \n \n \n \n \n About\nNewrange Gold Corp.\n \n \n \n \n \n \n \n \n Newrange is currently focused on district-scale exploration\nfor precious metals in the prolific Red Lake District of northwestern\nOntario.  The past-producing high-grade Argosy Gold Mine is open to\ndepth, while the adjacent North Birch Project offers additional\nblue-sky potential.  Further information can be found on our w...

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