LONDON (Alliance News) - Range Resources Ltd on Wednesday said all of the conditions for the USD20 million convertible loan note financing have been met after shareholders approved the proposal at a general meeting.
Range is issuing the note to replace a portion of the outstanding balance owed to LandOcean Energy Services Co Ltd under the previously signed integrated master services agreement.
When the original agreement concerning the new loan note was signed at the end of October, the outstanding balance owed to LandOcean by Range was USD35.9 million.
Range Resources shares were trading up 7.7% to 0.375 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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