Range closed the second and final tranche of its non-brokered private placement, having issued 36.82mln units to Gulf LNG at a price of 3.5 cents each.
Gulf now owns just over 608mln shares in Range. In addition, Gulf has the right to acquire an additional 477.7mln shares by converting warrants. Full conversion of the warrants would lift Gulf's stake in Range to 81.39%.
Prior the latest private placement, Gulf's stake in Range was around 69.71%.
Funds from the share issue 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. Any cash left over will supplement the working capital.