Deal funds development of Khalakan Block in Kurdistan Region of Iraq
By Devika Patel
Knoxville, Tenn., May 20 – Range Energy Resources Inc. said it raised C$629,440 in the second and final tranche of a C$1.29 million non-brokered private placement of units. The deal priced for C$3.5 million on April 14 and raised C$659,260 on April 19.
The company sold 36.82 million units of one common share and one warrant at C$0.035 per unit. It sold 18,836,000 units in the first tranche and 17,984,000 units in the second.
Each warrant will be exercisable at C$0.05 for five years, with the first-tranche warrants expiring on April 15, 2021 and the second-tranche warrants expiring on May 20, 2021. The strike price is a 66.67% premium to the April 13 closing share price of C$0.03.
Proceeds will be used for development of the Khalakan Block in the Kurdistan Region of Iraq and general working capital.
Range Energy, based in Vancouver, B.C., explores oil and gas resource properties.
| Issuer: | Range Energy Resources Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,288,700
|
| Units: | 36.82 million
|
| Price: | C$0.035
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 15, 2021 and May 20, 2021
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | April 14
|
| Settlement date: | April 19 (for C$659,260), May 20 (for C$629,440)
|
| Stock symbol: | CNSX: RGO
|
| Stock price: | C$0.03 at close April 13
|
| Market capitalization: | C$10.67 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
