29th May 2014 09:04
LONDON (Alliance News) - Range Resources Ltd Thursday said it has received USD12 million in financing, through a previously announced subscription agreement with Abraham Ltd, a Hong Kong-based private investor.
The hydrocarbon exploration firm said that, based on the first tranche of USD6 million, the investor will subscribe for 356.2 million shares which will be issued on or around May 28 with AIM market admission expected on June 6.
It added that the next tranche of USD6 million is subject to shareholder approval and, if it doesn't receive this approval, the cash will be repaid to the investor.
The company said the funds will be used to repay existing debt and for general working capital of the company.
Range Resources shares were up 11% to 0.909 pence on Thursday, putting it in the top ten AIM ALL-Share risers.
By Tom McIvor; [email protected]; @TomMcIvor1
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