Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced in a news release it closed the sale of its Yarumalito gold project in Colombia to GoldMining Inc.
The divestment afforded Newrange undiluted funds for exploring its flagship Pamlico project in Nevada and a 1% net smelter return (NSR) royalty on Yarumalito. The transaction also "paved the way" for the company to sell its subsidiary and other projects in Colombia, CEO Robert Archer said in the release.
"By monetizing our Colombian assets, we are providing significant non-dilutive funds for exploration on the company's flagship Pamlico Project in Nevada," he added.
For Yarumalito, GoldMining issued Newrange $1.2 million worth of common GoldMining shares and paid $200,000 in cash. GoldMining may purchase the NSR for $1 million any time before completion of a feasibility study on Yarumalito.
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