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19 Jan 2010 09:03
19 January 2010
Companies Announcement OfficeAustralian Stock Exchange Limited20 Bond StreetSYDNEY NSW 2000Via E-lodgementCOMPANY UPDATERights Issue
As referred to in its announcement dated 5 January, 2010, Range Resources Limited (Range or the Company) is undertaking a one (1) for four (4) non-renounceable entitlement issue (Rights Issue), which will raise a gross amount of approximately $7.0 million.
Range is pleased to advise that it has appointed Max Capital Pty Ltd (AFSL: 264772) (Max) as underwriter to the Rights Issue.
The Rights Issue will be fully underwritten by Max, with the terms and conditions of the underwriting arrangements to be customary for transactions of this nature and subject to an underwriting agreement.
Further details are provided in the Rights Issue prospectus, which can be found on the Company's website. Appendix 3B to follow.
Key dates are as follows:-
Timetable and Important Dates*
Lodgement of Prospectus with ASIC 19 January 2010
Notice sent to Shareholders 21 January 2010 Ex Date 22 January 2010
Record Date for determining Shareholder entitlements 29 January 2010 Prospectus despatched to Shareholders 1 February 2010 Closing Date of Offer 15 February 2010 Securities quoted on a deferred settlement basis 16 February 2010 Notify ASX of under-subscriptions 18 February 2010
Despatch date/Shares entered into Shareholders' security 23 February 2010 holdings
* These dates are determined based upon the current expectations of the Directors and may be changed with 6 Business Days prior notice.
Appointment of Broker
In addition Range Resources Limited is pleased to announce the appointment of Old Park Lane Capital plc ("OPL") as broker to the Company.
OPL is a specialist stockbroking firm focusing on institutional and ultra-high-net worth clients in the UK and with a strong natural resources expertise. (www.oldplc.com).
Mr. Peter Landau commented:
"We are delighted to appoint Old Park Lane as brokers as part of our ongoing strategy to develop and broaden our existing base of institutional and ultra- high-net-worth shareholders in the UK".
"The Company's assets are rapidly developing and we see the UK, alongside Australia, forming part of our long term shareholder base as we move ahead."
For and on behalf of the board
PETER LANDAUExecutive Director
For further information please contact:
Range ResourcesPeter LandauTel : +61 (8) 8 9488 5220Em: plandau@rangeresources.com.auAustralia LondonPPR Conduit PRDavid Tasker Jonathan CharlesTel: +61 (8) 9388 0944 Tel: + 44 (0) 20 7429 6666Em: david.tasker@ppr.com.au Em: jonathan@conduitpr.comRFC Corporate Finance (Nominated Advisor) Old Park Lane Capital PlcStuart Laing Michael ParnesTel: +61 (8) 9480 2500 Tel: +44 (0) 207 518 2603Range Background
Range Resources is a dual listed oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.
* In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells - 65% Operator, in 2010. * In the Republic of Georgia, Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,000sq.km. Currently, Range is undertaking a 350km 2D seismic program. * Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with production commencing Jan/Feb 2010.
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