- Newrange Gold Corp. (NRG) has signed a Mutual Termination Agreement with Great Panther Mining
- The agreement terminates the Share Purchase Agreement to acquire the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru
- Newrange was unsuccessful in gaining an extension to the closing date
- The company will not be proceeding with the proposed financing, share consolidation and name change
- Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario
- Shares of Newrange Gold Corp. (NRG) last traded on September 12 for $0.03
Newrange Gold Corp. (NRG) and Great Panther Mining have terminated an agreement to acquire the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Peru.
President & CEO Robert (Bob) Archer commented on the news.
“We are deeply disappointed to have arrived at this outcome. We have been working on this acquisition since March and believe strongly in the potential of the Coricancha Mine. However, the current market for mining stocks, one of the worst in decades, has created a serious impediment to financing, especially for new acquisitions. While we attempted to gain an extension to the closing date, the intransigence of Great Panther’s creditors has, regrettably, made that impossible.”
As a result, the company will not be proceeding with the proposed financing, share consolidation and name change at this time. The company expects that its common shares will resume trading within days.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario.
Shares of Newrange Gold Corp. (NRG) last traded on September 12 for C$0.03.