LONDON (Alliance News) - Range Resources Ltd on Tuesday said it has reached a binding agreement with Lind Asset Management LLC to settle all outstanding claims and disputes between the two.
Ling had initiated legal action in the New South Wales Supreme Court seeking the payment of around USD600,000 in interest and legal costs, as well as other damages for breach of contract.
Range filed a defence against the claims and a cross-claim for damages.
Under the settlement, Range has paid USD325,000, and Lind will retain beneficial ownership of the 38 million shares it was issued by Range in 2014 as part of the original funding agreement with the two.
"Range is pleased to have reached a mutually acceptable settlement agreement with Lind which enables the company to draw a line under this long-running dispute," the company said.
Shares in Range Resources were up 5.4% at 0.480 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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