14 Jan 2015 16:16
Company Update
Lind Financing Update
Further to the Company's announcement on 7 January 2015, regarding US$15 million loan facility provided by Lind Asset Management, LLC ("Lind"), Range has now received a letter from Lind seeking repayment of the full outstanding amount under the facility no later than 15 January 2015. The initial facility has a face value of US$7.25 million.
Range has communicated to Lind that it wishes to repay the facility in cash and intends on using the Core Capital financing to meet such final repayment.
Management intends to submit a settlement proposal to Lind by 15 January 2015 for their consideration. The Company's shares will remain in trading suspension until such time as an agreement is reached with Lind, or the Company has sufficient alternative financing to repay the Lind facility in full.
Update on Asset Sales
Further to the Company's previous announcement, Range has yet to receive any sales proceeds in respect of the Texas asset disposal. Range is in dialogue with Citation Resources Limited (ASX: CTR) to agree a revised timetable for completion.
Separately, Range has yet to receive any sales proceeds and has been informed by LandOcean Petroleum Corp. Ltd ("LandOcean Petroleum") that the sale of Range Resources Drilling Services Limited remains on track to complete on or before 30 January 2015, as previously announced.
Range will update the market accordingly on completion of these asset sales.
Change of Registered Address
The Company would also like to announce the change of registered office to Bennett & Co, Ground Floor, BGC Centre, 28 The Esplanade, Perth Western Australia 6000.
Contacts
Cantor Fitzgerald Europe(Nominated Advisor and Broker)
David Porter / Sarah Wharry(Corporate finance)
Richard Redmayne (Corporate broking)
t. +44 (0)20 7894 7000
Range Resources Limited
Australian Office
Ground Floor, BGC Centre
28 The Esplanade
Perth WA 6000
Australia
t. + 61 8 6316 2200
f. +61 8 6316 2211
UK Office
Suite 1A, Prince's House38 Jermyn StreetLondon, SW1Y 6DNUnited Kingdom
t. +44 (0)20 7025 7040
f. +44 (0)20 7287 8028
e. admin@rangeresources.co.uk
www.rangeresources.co.uk