Australian explorer Range Resources is pushing ahead with a $63.3 million farm-in deal and plans to list in the UK after signing a production sharing agreement with the government of Puntland, a semi-autonomous state in Somalia.
The PSA with the Puntland government was signed by Range and Canadian player Canmex Minerals, which has taken up the farm-in deal.
The PSA covers two main exploration areas, the Nogal and Dharoor Valleys, and as part of its 80% farm in Canmex will conduct an exploration work programme over two three-year periods.
Meanwhile, Range has appointed a broker to proceed with its planned listing on the London Stock Exchange's Alternative Investment Market, which will see it carry out a $25.3 million institutional placement.
RRS Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
