Newrange Gold Corp (CVE:NRG) (OTCMKTS:NRGOF) said it had now closed the sale of its Yarumalito gold project, paving the way to disposing of all its Colombian assets.
The total consideration paid by GoldMining was C$1.2 million in shares and C$200,000 in cash.
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The share price was based on the volume-weighted average price of GoldMining shares for the five trading days prior to closing, or C$1.07 each.
Newrange struck a deal in June this year to sell Newrange’s Columbian assets to Australia’s Andean Mining for US$1 million - namely its subsidiary, Corporacion Minera de Colombia, which owns the El Dovio and Anori exploration projects.
"We are pleased to have closed this sale with GoldMining as it now paves the way for us to conclude the sale of Newrange's subsidiary and remaining projects in Colombia, as announced on June 5 and September 5, 2019," said Robert Archer, the chief executive at Newrange.
"By monetizing our Colombian assets, we are providing significant non-dilutive funds for exploration on the company's flagship Pamlico project in Nevada."
Newrange retains a 1% net smelter returns (NSR) royalty on Yarumalito, which can be purchased by GoldMining at any time before completing a feasibility study for C$1 million.
Newrange's flagship project is the Pamlico project in Nevada, USA, which boasts numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne (g/t).
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