US$15m Loan Financing Completion & Issue of Shares

RNS Number : 5903U

Range Resources Limited

17 October 2014

 



Range Resources Limited

('Range' or 'the Company')

17 October 2014

ASX Code: RRS

AIM Code: RRL

US$15 million loan financing completion and Issue of Shares

Range announces that the loan financing agreement of up to US$15 million, signed on 30 September 2014 with Lind Asset Management, LLC ("Lind") has completed today.  As previously announced, Range will use the proceeds primarily to invest in the Company's rig fleet and to accelerate development drilling of the Trinidad portfolio.

The Company also advises that following movement in the Company's share price since 30 September 2014, Range and Lind have agreed to amend certain terms of the financing as follows:

·    As previously announced, Range has the right to repay the entire facility at any time. If all amounts outstanding are repaid in full within 6 months of closing a reduction to the required repayment amount of US$350,000 will apply.

·    In the event of an early repayment in full, Lind retains a right to convert an amount up to a maximum of 25% of the total relevant Tranche into equity at the premium conversion price.

·    Tranche 1 drawdown schedule has been amended with US$5 million now funded at closing and the remaining US$5 million to be drawn on a monthly basis over the following 10 months.

·    Tranche 2 drawdown schedule totalling US$5 million has also been amended and will now be available on a monthly drawdown basis (from April 2015 as previously announced).

·    Total collateral shares remain unchanged, but Range has now issued the full 38million shares at closing.

·    The premium conversion price (applicable if Lind chooses to convert after the initial 6 month lock-up period), and the option exercise price have been amended and will now be equal to 130% of the average of the VWAP during the 11 trading days prior to the amended agreement being signed (equal to either A$0.0243 or 1.203p per share).

·    During the lock-up period, Repayment Shares on the initial advance would be priced at 92.5% of the average of 3 day VWAP, chosen by Lind, during the 20 trading days prior to each issuance of shares.  Post lock-up period, Lind retain the ability to select either that price, or the premium conversion price.

As previously announced, Range will propose appropriate resolutions in respect of this agreement at the upcoming Annual General Meeting in November.

Issue of Shares and Unlisted Options

The Company announces that   42,987,481 Ordinary Shares, and 31,000,000 Unlisted Options ($0.01203, 15 October 2017) have been issued, details of the issue are below;

38,000,000 Ordinary Fully Paid Shares issued for collateral shares as per financing agreement with Lind Asset Management announced 16/10/2014.

3,797,005 Ordinary Fully Paid Shares issued at £0.014525 (6 month AIM VWAP price) under employee salary as per terms of employment agreement.

1,190,476 Ordinary Fully Paid Shares issued at £0.0105 (30 September closing price) as per employee contracts.

31,000,000 Unlisted Options (£0.01203, 15 October 2017) issued to Lind as per financing agreement with Lind Asset Management announced 16/10/2014.

Following the above the Company's issued ordinary share capital will be 5,033,728,297 ordinary shares.

Application has been made to the London Stock Exchange for the New Ordinary Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence on 22 October 2014.

The above figure of 5,033,728,297 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:

5,033,728,297	Ordinary Fully Paid Shares
80,508,341	Listed Options ($0.05, 31 January 2016)
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)
9,000,000	Unlisted Options (£0.125, 31 March 2015)
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  (£0.01, 14 July 2018)
118,729,593	Unlisted Options  (£0.02, 14 July 2018)
7,500,000	Unlisted Options (£0.03, 9 September 2017)
1,000,000	Unlisted Options ($0.05, 31 January 2018)
31,000,000	Unlisted Options ($0.01203, 15 October 2017)

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

 

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