Company raises funds for exploration, development at Khalakan Block
By Devika Patel
Knoxville, Tenn., May 19 - Range Energy Resources Inc. said it settled the initial tranche of an C$18.35 million private placement of units, raising C$4.02 million on May 18. The deal priced April 20.
The company is selling units of one common share and one warrant at C$0.15 apiece. It sold 26.8 million units in the first tranche. 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 LNG America, LLC is investing C$16.35 million, and other investors will contribute C$2 million. Gulf bought C$2.01 million of units in the first tranche.
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.
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.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$18.35 million
|
| Units: | 26.8 million (in first tranche)
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Investor: | Gulf LNG America, LLC (for C$16.35 million)
|
| Pricing date: | April 20
|
| Settlement date: | May 18 (for C$4.02 million)
|
| Stock symbol: | CNSX: RGO
|
| Stock price: | C$0.085 at close April 20
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