Information  X 
Enter a valid email address

Range Resources Ltd (RRL)

  Print      Mail a friend

Friday 05 June, 2015

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.

Please see Appendix A for the total number of securities on issue.

Appendix A

The total number of securities on issue is as follows:

Listed securities

Description of security

5,767,169,188

Ordinary Fully Paid Shares

80,508,341

Options ($0.05, 31 January 2016)

 

Unlisted securities

 

Description of security

855,166

Unlisted Options (£0.04, 30 June 2015)

7,058,824

Unlisted Options (£0.17, 30 April 2016)

5,180,000

Unlisted Options (£0.075, 31 January 2017)

15,708,801

Unlisted Options (£0.0615, 19 October 2015)

32,275,862

Unlisted Options (£0.05075, 30 November 2015)

5,000,000

Unlisted Options ($0.10, 31 January 2016)

5,000,000

Unlisted Options ($0.06, 10 February 2016)

146,533,850

Unlisted Options (£0.04, 30 April 2016)

5,000,000

Unlisted Options (£0.037, 11 July 2016)

476,190

Unlisted Options (£0.021, 25 July 2016)

952,381

Unlisted Options (£0.021, 29 July 2016)

6,714,284

Unlisted Options (£0.021, 31 August 2016)

9,000,000

Unlisted Options (£0.02, 31 August 2016)

3,947,368

Unlisted Options (£0.19, 30 September 2016)

8,666,670

Unlisted Options (£0.18, 30 September 2016)

694,445

Unlisted Options (£0.018, 31 October 2016)

2,205,885

Unlisted Options (£0.017, 31 October 2016)

1,250,000

Unlisted Options (£0.016, 31 October 2016)

17,333,336

Unlisted Options (£0.015, 31 October 2016)

3,000,001

Unlisted Options (£0.015, 30 November 2016)

5,153,846

Unlisted Options (£0.013, 30 November 2016)

2,000,000

Unlisted Options ($0.0321, 11 December 2016)

2,000,000

Unlisted Options (£0.012, 31 December 2016)

5,000,000

Unlisted Options (£0.011, 31 December 2016)

23,636,364

Unlisted Options (£0.011, 31 January 2017)

161,472,247

Unlisted Options (£0.010, 14 July 2018)

118,729,593

Unlisted Options (£0.020, 14 July 2018)

7,500,000

Unlisted Options (£0.030, 9 September 2017)

1,000,000

Unlisted Options ($0.050, 31 January 2018)

31,000,000

Unlisted Options (£0.01203, 15 October 2017)

75,000,000

Unlisted Options (£0.010, 30 March 2020)

 

 

 

Further comment and information

 

 

Range Resources Limited

Evgenia Bezruchko (Investor Relations)

e. [email protected]

t.   +44 (0)20 7025 7040

 

Cantor Fitzgerald Europe (Nominated Advisor and Broker)

David Porter / Sarah Wharry (Corporate Finance)

Richard Redmayne (Corporate Broking)

t.   +44 (0)20 7894 7000

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGMGGVZKNGKZM

a d v e r t i s e m e n t