VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 20, 2016) – Range Energy Resources Inc. (the “Company“) (CSE:RGO)(FRANKFURT:YGK) is pleased to announce that further to its news release dated April 12, 2016, the Company closed the second and final tranche of the non-brokered Private Placement for a total of 36,820,000 units (the “Units“) of the Company at a price of CDN$0.035 per Unit for gross proceeds of approximately CDN$1,288,700.
Each Unit consists of one (1) common share and one (1) transferrable share purchase warrant. Each warrant entitles the holder thereof to purchase one (1) additional common share of the Company on or before May 20, 2021 at a price of CDN$0.05 per common share.
The securities issued are subject to a four (4) month hold period that expires on September 21, 2016.
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 provide general working capital. The Company has raised CDN$9,408,269 since its public announcement on September 1, 2015 to commence Phase 1 of the approved Shewashan Field Development Plan.
For further information on Range Energy Resources Inc., please visit the Company’s web site at www.rangeenergyresources.com.
On Behalf of the Board of Directors:
Toufic Chahine, Chairman
This news release contains certain statements that may be deemed to include “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Range Energy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Range Energy’s management on the date the statements are made. Except as required by law, Range Energy Resources Inc. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Range Energy Resources Inc.