Golden Range set to raise $1.6 million

Toronto-based Golden Range Resources says it will offer shareholders the right to acquire shares and warrants of its capital stock in a bid to raise more than $1.6 million.

Golden Range says Canarim Investment Corp. has agreed to buy all units remaining unpurchased by shareholders when the offer expires.

Golden Range will use the proceeds for working capital and general corporate purposes and to pay off debts of $540,000.