West Perth-based minerals explorer Range Resources Ltd has raised 4 million pounds through a placement of 18 million shares at 22 pence each on the London Stock Exchange's Alternative Investment Market.
Funds raised will be used to fund ongoing exploration costs in Puntland and working capital.
The full text of a company announcement is pasted belwo
Range Resources Ltd. (AIM Code: 'RRL' ASX Code: 'RRS') ("Range" or "the Company") is pleased to announce that it has conditionally placed 18,180,000 new ordinary shares ("New Ordinary Shares") at an issue price of 22 pence each ("Placing Price") through Londonbased broker Fox-Davies Capital Limited. The Placing targeted new shareholders in order to broaden the Company's shareholder base and enhance liquidity following the admission of
its shares to trading on the AIM market of the London Stock Exchange on 23 October 2007.
The Placing will raise gross proceeds of £3,999,600 and is conditional, inter alia, upon admission to trading on AIM of the New Ordinary Shares. Application is being made for the New Ordinary Shares to be admitted to AIM and it is expected that admission of 12,543,545 of the New Ordinary Shares will be effective on 31 October 2007 with the remaining 5,636,455 New Ordinary Shares to be admitted on 14 November 2007. The allotment of the shares is being split in order to comply with ASX Listing Rule 7.1 which limits the amount of shares issued in any 12 month period (subject to certain exceptions).
Funds raised will be used to fund ongoing exploration costs in Puntland and working capital.
