International Petroleum Loan Update

RNS Number : 0473V

Range Resources Limited

23 October 2014

 



International Petroleum Loan Update

Range advises that further to the Company's announcement on 4 August 2014, all conditions precedent to the settlement of Range's loan have been met.

According to the settlement agreement, International Petroleum Ltd ("IOP") has made a cash payment of US$500,000 to Range and all other outstanding monies have converted into 147,803,270 ordinary shares of IOP. Following conversion, Range holds approximately 9% of the enlarged share capital of IOP. In addition, IOP has issued 5 million unlisted options to Range exercisable at AU$0.06 per option on or before 2 October 2016.

IOP advises Range that its securities are expected to be restored to trading on the National Stock Exchange of Australia ("NSX") within the current quarter.

Contacts

Range Resources Limited
Rory Scott Russell (CEO)

Evgenia Bezruchko (IR)

Cantor Fitzgerald Europe
(Nominated Advisor and Broker)

David Porter / Sarah Wharry
(Corporate Finance)

Richard Redmayne (Corporate Broking)

t.   [phone]

Buchanan (Financial PR - UK)

Ben Romney / Helen Chan

t.   [phone]

e.  [e-mail]

MAGNUS (Financial PR - Australia)

Rupert Dearden / Richard Glass

t.   + 61 8 6160 4900

e.  [e-mail]

Australian Office

945 Wellington Street

West Perth, WA 6005

Australia

t.   [phone]

f.   [phone]

UK Office

Suite 1A, Prince's House
38 Jermyn Street
London, SW1Y 6DN
United Kingdom

t.   [phone]

f.   [phone]

e.  [e-mail]

www.rangeresources.co.uk

 

END

 

 

MSCLLFLEIRLFFIS