In a news release, Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced that "it has exercised its option to acquire a 100% interest in the H Lake Property, which forms the western portion of its North Birch Project east of Red Lake, Ontario."
Newrange Gold advised that as stipulated in the terms of the option agreement it entered into on January 13, 2020, with Bounty Gold Corp. "it has paid a total of $50,000 in cash and issued 400,000 shares for a 100% interest in H Lake, subject to a 2% net smelter returns (NSR) royalty."
The firm advised further that it recently made the previously agreed upon first anniversary cash payment and share issuance on the Western Fold property. The company noted that there is still one year remaining on the option to purchase a 100% interest in the Western Fold property, which encompasses the eastern portion of North Birch and that the acquisition is also subject to a 2% NSR royalty.
The company noted that the sale of its subsidiary's ownership interest in the Yarumalito property in Colombia to GoldMining Inc. (GOLD:TSX; GLD:NYSE) has been finalized and the Colombian government has transferred the property title. The firm noted that with the completion of the transaction 559,179 of GoldMining's shares have been released from escrow to Newrange Gold.
The company added that it has completed sale of its Colombian subsidiary and the El Dovio Project to Andean Mining Corp. and that it received a direct payment of US$750,000 from that sale. Newrange indicated that it presently retains NSR royalties of 1% on the Yarumalito project and 2% on the El Dovio project
Newrange Gold's CEO Robert Archer commented, "We are pleased that all of this corporate activity has culminated within a very short period of time...The acquisition of a 100% interest in the H Lake Property and the advancement of the Western Fold option demonstrate our commitment to the North Birch Project. The closing of the two deals in Colombia is key to the monetization of our assets there as it provides non-dilutive funding for our ongoing exploration programs. We can now focus entirely on our active projects in Nevada and Ontario, two of the world's premier mining jurisdictions."
Read what other experts are saying about:
Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: GoldMining Inc. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Newrange Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Newrange Gold and GoldMining Inc., companies mentioned in this article.
