Thursday, August 25, 2022
Newrange Gold (NRGOF)
The Plot Thickens
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Financing closed. Newrange Gold closed a private placement of 10 million units at a price of C$0.03 per unit for gross proceeds of C$300 thousand. Each unit consists of one common share and one share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.05 until August 22, 2024. Insiders subscribed for a total of ~1.1 million units. Approximately 20% of the proceeds will fund field logistics at the North Birch and Argosy projects in Ontario, with the remainder to fund due diligence on a contemplated acquisition along with general working capital needs.
Anticipation builds. Newrange is contemplating an acquisition following its decision to terminate its option on the Pamlico project in Nevada. We think management is focused on securing a new flagship project to complement its 100% ownership of the North Birch and Argosy mine projects in the Red Lake area of Ontario, Canada. We think that an acquisition would likely be precious metals focused or polymetallic.…
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
