Issue of Equity

RNS Number : 9264M

Range Resources Limited

19 September 2019

 

 Range Resources Limited                                                                 

('Range' or 'the Company') 

19 September 2019

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

ISSUE OF EQUITY

Range, an international company with oil and gas projects and oilfield service businesses in Trinidad and Indonesia, advises that it has the completed the previously announced subscription agreement to raise £750,000.

Application has been made to the London Stock Exchange for the Shares to be admitted to trading on AIM which is expected to become effective, and dealings are expected to commence at, 8:00 a.m. on 20 September 2019 ("Admission"). The Shares will rank pari passu with existing ordinary shares in the capital of the Company ("Ordinary Shares").

Following Admission, and in accordance with the Financial Conduct Authority's ("FCA") Disclosure and Transparency Rules, the Company hereby announces that it will have 11,780,598,407 Ordinary Shares in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury.

Following Admission, the above figure of 11,780,598,407 Ordinary Shares may be used by shareholders in the Company 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 Company under the FCA's Disclosure Guidance 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:

Ordinary fully paid shares	Number on issue
	11,780,598,407
Convertible notes	Number on issue	Exercise price	Expiry date
	20,000,000	£0.0088	The earlier of 30 June 2020 and the date on which SPA completion occurs*
Unlisted options	Number on issue	Exercise price	Expiry date
	30,000,000	£0.01	30 March 2020

*A maturity date is the earlier of 30 June 2020 and the date on which completion occurs under the sale and purchase agreement between West Indies Exploration Company Limited (a wholly owned subsidiary of the Company) and LandOcean Hong Kong Investment Holding Group Limited (a wholly owned subsidiary of LandOcean) for the sale of 100% of the issued share capital of Range Resources Trinidad Limited in exchange for: offsetting all outstanding debt and payables due from the Company and its subsidiaries to the LandOcean Group (including the US$20,000,000 face value owing in relation to the Convertible Notes); and cash consideration of US$2,500,000 (SPA), as announced on 3 September 2019.  The holder of the Convertible Notes (LandOcean) has agreed not to convert any Convertible Notes during the term of the SPA. The full terms and conditions of the Convertible Notes are set out in the Company's notice of general meeting released on 1 February 2019 and as varied in relation to an extension of the maturity date and the deferral of conversion rights during the term of the SPA as announced on 3 September 2019.

Contact details
Range Resources Limited Evgenia Bezruchko (Group Corporate Development Manager & Joint Company Secretary) e. [e-mail] t.   [phone]	Cantor Fitzgerald Europe (Nominated Adviser and Broker) David Porter / Rick Thompson (Corporate Finance) t.   [phone]

 

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