Lind Financing Update

RNS Number : 2636F

Range Resources Limited

18 February 2015

 



Lind Financing Update

Further to the Company announcement on 14 January 2015, regarding the US$15 million loan facility provided by Lind Asset Management, LLC ("Lind"), Range has received a statutory demand from Lind demanding repayment of approximately US$7.2 million that Lind alleges is due and payable.

The Company is seeking legal advice as to the validity of the statutory demand. Range offered to buy-back the convertible security issued to Lind from the proposed US$60 million funding package with Core Capital Management Co., Ltd but Range and Lind were unable to agree on the settlement proposal.

At present, a total of US$5.5 million under the Lind facility has been drawn down. Under the facility the Company has issued 96,440,891 ordinary fully paid shares to Lind (38,000,000 collateral shares issued on 17 October 2014 and 58,440,891 first repayment shares on 18 November 2014). According to the Company records, at the date of this announcement Lind holds approximately 34.6 million shares in the Company issued under the facility.

The proposed Core Capital funding remains on track to complete on or before 30 April 2015, subject to shareholder approval.

Contacts

Cantor Fitzgerald Europe
(Nominated Advisor and Broker)

David Porter / Sarah Wharry
(Corporate finance)

Richard Redmayne (Corporate broking)

t.   [phone]

Range Resources Limited

Australian Office

Ground Floor, BGC Centre

28 The Esplanade

Perth WA 6000

Australia

t.   [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

 

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