Range Resources announce Colombia Update and Issue of Shares
Range announces that, given its focus on Trinidad, it has made a strategic decision for a partial withdrawal from Colombia and has relinquished its investment obligations on PUT-7 block in the Putumayo Basin in Colombia. Therefore, Range will not be pursuing the option to earn into this block.
Range’s exit from PUT-7 block doesn’t affect its position with regards to the farm-in arrangements in relation to PUT-6 block or to the $3.48 million performance bond that it holds over PUT-6. The Company is currently reviewing its options with regards to PUT-6 and will update the market accordingly in due course.
Issue of shares
Range announces the issue of 25,000,000 Ordinary Fully Paid Shares pursuant to the conversion of debt at $0.01 per share; 7,500,000 Unlisted Options issued for debt conversion as per agreement (£0.005, 31 May 2017).
These shares and options have been issued following receipt of notice of conversion of convertible notes from Hudson Bay.
Application will be made for the 25,000,000 new shares to be admitted to trading on the ASX and AIM. Trading in the new shares is expected to commence on or around 14 May 2014.
Source: Range Resources Limited