RNS26 Jul 2018 08:08
TIDMRRL
RNS Number : 8031V
Range Resources Limited
26 July 2018
Range Resources Limited
('Range' or the 'Company')
26 July 2018
Not for distribution to U.S. newswire services or for publication, distribution, release or dissemination, directly or indirectly, in whole or in part, in, into or from the United States, Canada, Japan, the Republic of South Africa or any other jurisdiction in which it would be unlawful to do so. Any failure to comply with this restriction may constitute a violation of the securities laws of such jurisdictions.
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"). In addition, market soundings (as defined in MAR) were taken in respect of certain of the matters contained in this announcement, with the result that certain persons became aware of such inside information, as permitted by MAR. Upon the publication of this announcement via regulatory information service ("RIS"), this inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information.
This announcement does not constitute a prospectus for the purposes of the prospectus rules of the Financial Conduct Authority, nor does it comprise an admission document prepared in accordance with the AIM Rules. Accordingly, this announcement has not been approved by or filed with the Financial Conduct Authority and is not intended to provide the basis for, or relied on in connection with, any investment decision in respect of Range Resources Limited or other evaluation of any securities of Range Resources Limited or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.
GBP1M SUBSCRIPTION TO ACCELERATE TRINIDAD ASSET GROWTH
AND TOTAL VOTING RIGHTS
Range, an international oil and gas company with assets in Trinidad and Indonesia, and an oilfield services business in Trinidad, is pleased to announce a subscription for new ordinary shares to raise GBP1 million before expenses (the "Subscription"). Pursuant to the Subscription, the Company will issue 909,090,910 new ordinary shares (the "Subscription Shares") at a price of 0.11 pence per new ordinary share.
The proceeds of the Subscription will be used to accelerate the growth strategy of the Company's current assets in Trinidad, with a view to further increasing production and cashflow.
Yan Liu, Range's Chief Executive Officer, commented:
"We are pleased to be able to commit this additional funding into infrastructure upgrades at our Trinidad assets. This will enable us to continue production growth and allow us to further develop our significant assets with a view of unlocking the full potential of our reserves base in the years ahead.
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