Range Resources eyes merger funding completion

Range Resources expects to complete the fundraising this week for its planned merger with International Petroleum and is close to finalising new debt finance.

Range Resources expects to complete the fundraising this week for its planned merger with International Petroleum and is close to finalising new debt finance.

The company said 67m of the 338.98m shares to be issued were allotted on Wednesday, to existing shareholder Capital Group at an average price of 0.04p, with the remainder to be allotted on or around May 3rd 2013.

AIM- and ASX-listed Range also revealed it produced 197,000m cubic feet (cf) of gas during the first quarter of the year, of which 43,000mcf was attributable to Range, and 1,725 barrels of oil.

Cash levels fell from A$7.1m to A$5.8m during the three months but the company said it had received commitment from Cayman Islands finance company Meridian SEZC to purchase $35M of five-year monetary production payment securities from Range secured against future cash flows from Range's Trinidad operations and are repayable in cash on a straight line monthly amortised basis.

Meridian has advised the company that it anticipates closing of the financing shortly.

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