Newrange Gold Corp (CVE:NRG) has raised C$503,020 gross subject to regulatory approval in a private placement to advance its high-grade Pamlico project in Nevada.
The resource group issued nearly 3.6 million units at C$0.14 a throw.
Each unit consists of one share and one-half share purchase warrant, with each warrant entitling the holder to buy a further share at C$0.20 for two years from the date of issue.
Insiders subscribed for a total of 630,000 units for a total of $88,200 in the placing, the company said.
The company has managed to get its hands on a significant amount of ground in one of the world’s most prolific mining jurisdictions, but what’s more to the point is that this ground has been in private hands since 1896 and remains virtually unexplored.
Its Pamlico project covers the historic Pamlico group of mines as well as the nearby Good Hope, Gold Bar and Sunset mines.
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