Silver Range Closes Property Transaction with Strategic Metals
October 21, 2015 – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that is has received final TSX Venture Exchange acceptance and closed a property exchange transaction with Strategic Metals Ltd. (“Strategic”). The transaction was originally announced on August 7, 2015.
Pursuant to the terms of the property exchange agreement, Silver Range will receive a 100% interest in Strategic’s Michelle property and the BP 4 claim, in exchange for which Strategic will receive a 100% interest in Silver Range’s Mint property. The BP 4 claim is subject to 2% net smelter return royalty payable to an arm’s length individual. There are no royalty interests related to either of the Michelle or the Mint properties. All three properties are located in the Yukon Territory.
The property exchange transaction received minority shareholder approval at the Silver Range Annual General and Special Meeting held on September 30, 2015. The property exchange resolution was approved by 4,077,653 of the eligible 4,515,586 minority votes cast is respect of the resolution (90.30%).
In accordance with Multinational Instrument 61-101, minority shareholder approval was required as the property exchange transaction was considered to be a related party transactions based on: (i) Strategic’s shareholdings in Silver Range; and (ii) certain officers and directors common to both Strategic and Silver Range.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Ian J. Talbot”
Chief Operating Officer
For further information concerning Silver Range or its exploration projects please contact:
Silver Range Resources Ltd.
W. Douglas Eaton
President and C.E.O.
Tel: (604) 688-2568
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.