LONDON (Alliance News) - Range Resources Ltd said Wednesday that Lind Asset Management LLC has given it a deadline of no later than Thursday to repay the outstanding amount under the USD15 million loan facility it provided.
Range Resources said last week it has so far drawn down USD5.5 million on the facility. It said Wednesday the initial facility has a face value of USD7.25 million.
Range Resources said it has communicated to Lind that it wishes to repay the facility in cash using the financing it has secured with Core Capital Management Co Ltd. It intends to submit a settlement proposal to Lind by Thursday for its consideration.
Range Resources also said it has not yet received any sales proceeds from the sale of its Texas asset to Australian-listed oil and gas company Citation Resources Ltd. The company said it is in talks with Citation to agree a revised timetable to complete the transaction.
It also has not received any sales proceeds from its disposal of Range Resources Drilling Services Ltd, but has been informed by LandOcean Petroleum Corp Ltd that the sale is on track to complete on or before January 30.
The company's shares will remain suspended until it has reached an agreement with Lind, or it has sufficient alternative financing to repay Lind in full, it said.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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