Range was effectively dead. On life support. The have jagged a...

Range was effectively dead. On life support. The have jagged a USA based producing well out of their backsides and will need a little cash to exploit it. Add to that some pretty sexy potential in Georgia and then the old elephant Puntland came through a near death experience which most thought was not salvageable. This $7-9m will get them through to 2011 and then if they have made something of the company they stand to collect about $19m from exercising options. If they haven't got the company worth well above 5c by then they don't deserve the $$ from options so who cares.

If this company makes it then this will be the last penny dreadful capital raising you will see as cash requirements till 2013 will be covered. This is not counting the potential to sell Smith as by that stage it should be able to be monetised. They will do this if they need development funds for Georgia or Puntland I suspect.

Don't think for a second that a 2 bit company like Range can go out and raise $7-9m in this market at ANY price without knowing the money is already sorted and in the bag. There are a number of interested parties and I have seen enough interest in the last few weeks to believe there are some who would be keen to get some action at 5c. There are no freebie options - even above the current share price so that tells me they don't need to juice the issue to get interest.

Without this money the company goes under so don't be too disappointed - just lower you target price by 25% for the dilution and live with it - or try and stage your subscribed shares.

To balance out the negative people I will be very surprised if it goes below 5c in the new few weeks unless the whole market tanks.

Cya punters - and my confidence grows! $7-9m will be a pretty impressive feat for the Ranger. Things are getting serious.