STA.L Regulatory News (STA)

Lind Financing Update

Following the Company's announcement on 12 March 2015, Range advises that its application to the Supreme Court of Western Australia to set aside the statutory demand from Lind Asset Management, LLC has been unsuccessful. The Court has not yet made orders, including in respect of the deadline for payment, and the matter was adjourned until 3 July for final orders. The statutory demand was for an amount of US$7.225 million.

Range is considering the court decision with its legal advisers, including a proposed appeal of the decision and will update the market upon further developments. In the event of an appeal Range will also seek an extension of time to pay the amount of the demand until determination of the appeal.

At present, US$5.5 million under the Lind facility has been drawn down and Range has made repayment of US$0.5 million. Under the facility the Company has issued 96,440,891 ordinary fully paid shares (38,000,000 collateral shares issued on 17 October 2014 as security for the facility which Lind is required to return on repayment and 58,440,891 first repayment shares on 18 November 2014).