Investor Gulf LNG plans to invest C$16.35 million at C$0.15 per share
By Devika Patel
Knoxville, Tenn., April 20 - Range Energy Resources Inc. announced it will complete an C$18.35 million private placement of units. Gulf LNG America, LLC will invest C$16.35 million, and other investors will contribute C$2 million.
The company will sell units of one common share and one warrant at C$0.15 per unit for C$4 million in the first tranche, which is expected to settle on May 6. Each one-year warrant will be exercisable at C$0.15, a 57.9% premium to the April 19 closing share price of C$0.095.
Gulf will invest a further C$6.18 million in the company at C$0.15 per common share in July and another C$8.18 million at the same price within one year of the second closing.
Proceeds will be used for exploration and development of Range's Khalakan Block in Kurdistan, to pursue other projects and for general corporate purposes.
Range Energy, based in Vancouver, B.C., explores mineral and oil and gas resource properties.
| Issuer: | Range Energy Resources Inc.
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| Issue: | Units of one common share and a warrant
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| Amount: | C$18.35 million
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| Price: | C$0.15
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.15
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| Investor: | Gulf LNG America, LLC (for C$16.35 million)
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| Pricing date: | April 20
|
| Settlement date: | May 6 (for C$4 million)
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| Stock symbol: | CNSX: RGO
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| Stock price: | C$0.085 at close April 20
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