Range Resources Ltd
Funding Completion and Issue of Shares
RNS Number : 3919P
Range Resources Limited
05 June 2015
Funding Completion and Issue of Shares
Funding Completion
Following the Company's announcement on 29 May 2015 relating to a funding package of up to US$35 million with Beijing Sibo Investment Management LP ("Sibo"), Range is pleased to confirm that Tranche 1 subscription proceeds of £5.2 million (approximately US$7.9 million) in cash have now been received by the Company.
As per the terms of the subscription agreement, Range has issued 650 million new ordinary fully paid shares of the Company ("Share" or "Shares") to Sibo at a subscription price of £0.008 per Share, which represents a premium of approximately 48% to the last traded share price of the Company prior to the suspension of Shares from trading on AIM on 11 December 2014. This will give Sibo a holding of approximately 11.3% in the enlarged share capital of the Company.
Sibo will provide the remaining sum of a minimum of US$12 million and up to US$27 million in cash by no later than 31 August 2015, subject to Range's shareholder approval, any applicable regulatory approvals, and subscription by Range's Board and Management in aggregate for US$0.3 million in cash at the same subscription price. The Notice of Meeting, containing all relevant information will be provided to shareholders in due course.
Terms used in this announcement shall have the same meanings given to them in the announcement on 29 May 2015.
Share Suspension Update
Range now has sufficient funds to repay amounts demanded under the Lind facility and as a consequence, the Company's financial position is now clarified. The Company has requested a resumption of trading of its shares on AIM and anticipates that the shares will recommence trading on AIM with effect from 8 June 2015.
In relation to the resumption of trading of its shares on the ASX, Range has submitted the requested information and will continue to work with ASX to ensure the shares can be reinstated to trading at the earliest opportunity.
Issue of Shares
The Company advises that 650,000,000 new ordinary fully paid shares have been issued at £0.008 as per the subscription agreement with Sibo.
Following the issue of the new shares the Company's issued share capital will be 5,767,169,188 ordinary shares.
Application has been made to the London Stock Exchange for the new shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM expected on or around 10 June 2015.
The above figure of 5,767,169,188 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company, under the FSA's Disclosure and Transparency Rules.rrs
RRS Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
