17th Oct 2014 11:35
LONDON (Alliance News) - Range Resources Ltd Friday said it has completed its USD15 million loan financing with Lind Asset Management, and has amended the terms due to a recent slump in its share price.
The company said it will use the funds to invest in its rig fleet and to accelerate development drilling of its Trinidad portfolio.
However, Range Resources said that due to the slump in its share price since the end of September, Range and Lind have agreed to amend certain terms of the financing.
It said the Tranche 1 drawdown schedule has been amended with USD5 million now funded at closing and the remaining USD5 million to be drawn on a monthly basis over the following 10 months.
The Tranche 2 drawdown schedule totalling USD5 million has also been amended and will now be available on a monthly drawdown basis, from April 2015.
Range Resources shares jumped 22.2% Friday afternoon, trading at 0.880 pence, one of the best performing stocks on London's AIM market.
At the end of last month, the oil and gas explorer said its pretax loss widened in the year ended June 30, following a major write-off of assets and increased finance costs, as it looks to focus on developing its operations in Trinidad through further acquisitions.
Its plan is to focus on its operations in Trinidad, in which it has a 100% working interest in the Morne Diablo, South Quarry and Beach Marcelle licenses.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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