Published: November 2, 2016 |

[Click image to enlarge]

[Click image to enlarge]

Range Resources Ltd has announced a US$20mln funding deal, with drill contractor LandOcean subscribing for US$20mln of convertible notes.

LandOcean will lend US$20mln for a 3 year period, taking 8 percent interest per year (payable annually in arrears). It can convert the debt to equity at a price of 0.88p per share, which would be a 130 percent premium to Friday’s closing price.

If the notes are fully converted, the contractor would own just under 20 percent of the company’s enlarged share capital.

The cash proceeds will go back to LandOcean, to cover outstanding payments due under an existing master services agreement.

LandOcean continues to provide Range Resources with financing for work being carried out under the services agreement.

A general meeting is being called for December 20 for shareholders to approve the proposed new arrangements.

Source: (October 31, 2016) Proactive Investors

About Range Resources
Range is a growing dual listed E&P company with the largest private onshore acreage in Trinidad. The Company has established a stable funding position for its growth through a number of attractive equity, supplier and trade finance packages. The Company’s objective is to create sustainable shareholder value by growing oil production, developing discovered resources and continuing exploration on its highly prospective assets.

To stop by Range’s website, CLICK HERE

Be in-the-know when you’re on-the-go!