West Perth-based oil and gas explorer Range Resources Ltd has completed its $24 million placement, and will move to complete the acquisition of Somalia's Puntland oil project, the company announced today.
Following the placement, the company plans to list on London's Alternative Invetments Market.
The full text of a company announcement is pasted below
Range Resources Limited is pleased to advise the formal completion of its strategic placement to raise $US20m. The Company will now move to complete the acquisition of the remaining 49.9% of the Puntland rights and the AIM listing. The Company looks forward to providing an updated time table shortly.
Pursuant to the placement the Company issued 87,470,517 Ordinary Fully Paid Shares, 50,850,246 unlisted Options ($1.00, 1 October 2010) and 2,952,029 unlisted broker Options ($0.50, 30 June 2012). For the purposes of section 708A of the Corporations Act 2001 (Cth) ("Act"), the Company has allotted the Shares and Options without disclosure to investors under Part 6D.2 of the Act, and provides this notice in accordance with section 708A(5)(e).
Further at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company, and section 674 of the Act. In addition, at the date of this notice there is no 'excluded information' (as defined by section 708A(7) and (8) of the Act), required to be disclosed by the Company.
