Newrange Gold (TSXV: NRG) announced yesterday 8it is acquiring Mithril Resources in an all-share deal valued at C$10.9 million (US$8.01 million).
Newrange is an exploration company focused on a district-scale exploration for precious metals in the Red Lake District of north-western Ontario, Canada. Mithril is an exploration company listed on the ASX with a current focus on the pre-development Copalquin Gold-Silver Project in Durango State, Mexico.
The two signed a binding agreement for a proposed friendly business combination.
Newrange President & CEO, Robert Archer, touted the deal.
“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," said Archer in a news release.
"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."
