Mr. Toufic Chahine reports
NON-BROKERED PRIVATE PLACEMENT FINANCING
Range Energy Resources Inc. has arranged a non-brokered private
placement of up to 142,857,142 units of the company at a
price of 3.5 cents per unit for gross proceeds of up to $5-million. Each unit will consist of one common share and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase
one additional common share for a period of five years from the
closing date of the offering at a price of five cents per common share.
The closing of the offering is subject to receipt of all necessary
regulatory and board approvals. The securities issued pursuant to the
offering will be subject to a four-month hold period in accordance with
applicable Canadian securities laws. The company anticipates that there
will likely be insider participation in the offering.
The capital from the offering will be used by the company to continue to
fulfill its obligations to joint venture participants so that the
development of the Khalakan block in the Kurdistan region of Iraq can
continue, as well as to provide general working capital.
We seek Safe Harbor.
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