Newrange Gold Corp announces that it has signed a binding agreement with Mithril Resources Limited for a proposed friendly business combination of the two companies. Under the terms of the agreement, Newrange will acquire 100% of the issued share capital of Mithril, resulting in Newrange remaining as the surviving entity.
The arm’s length transaction will be classified as a Reverse Take Over under the rules and the resulting issuer will be a Tier 2 mining issuer.
Newrange President & CEO, Robert Archer, commented, “We are very pleased to have entered into the Definitive Agreement with Mithril as this merger represents a new beginning for Newrange shareholders. Not only does the Copalquin Gold-Silver Project bring tremendous value and upside potential but the combined experience of the new management team and board will provide a strong foundation for future growth in the Americas.
Exploration and development in the prolific Red Lake District of Ontario is still active and we intend to capitalize on that with further work on our Argosy Gold Mine and North Birch Projects. Having projects in two leading mining jurisdictions such as Mexico and Canada provides diversity and lowers the risk for shareholders while increasing the discovery potential.
We look forward to completing the RTO process and rebranding the company for a fresh start at a time when precious metal prices are on the rise.”
Mithril CEO and Managing Director, John Skeet, commented, “The Scheme announced today is an important step in the process to place Mithril’s high-grade Copalquin gold-silver property in a market where there is considerable experience and understanding of the globally significant Mexican minerals industry.
The new Americas focussed exploration and Development Company resulting from the merger with TSXV listed Newrange creates highly experienced and focussed Board and management who are well positioned to take advantage of the considerable growth opportunities at the Copalquin mining district and the two Canadian Red Lake District properties.
In both jurisdictions, the new company will be among numerous other Canadian listed companies active in these prolific mining regions where the properties are located. The merger and resulting financing, will provide funds to appropriately advance the properties to increase shareholder value.
The Mithril Board is very pleased to be working with the Newrange Board and extremely proud of the hard work and achievements of Mithril’s Mexico team and the significant progress made in advancing the Copalquin Project to its current exploration and pre-development stages across the Copalquin district.”
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