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Range Energy gets $2mln convertible loan from major shareholder

It is the third advance under the credit facility entered into with Gulf on February 14 this year
Range Energy gets $2mln convertible loan from major shareholder
It will be used, Range said, for working capital for the production project in the Khalakan Block in the Kurdistan Region

Range Energy Resources Inc (CNSX:RGO) has received a convertible loan amounting to $2,031,500 from major shareholder Gulf LNG America, following the agreement struck in February.

It is the third advance under the credit facility entered into with Gulf on February 14 this year.

The loan matures on May 25 next year (2018) and the rate of interest is 10% a year.

It will be used, Range said, for working capital for the production project in the Khalakan Block in the Kurdistan Region, general corporate purposes and for any purchases of property or assets permitted under the loan agreements.

In February, Range agreed loan deals with Gulf LNG America LLC, which owns 71% of the capital of the firm and Harrington Global Opportunities Fund, which owns 12%.

Under each loan agreement, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

Any loan will be evidenced by a secured convertible promissory note.

Range Energy shares were unchanged at $0.02 each.

In a separate statement, the pre-revenue explorer revealed a net loss of C$151,487 for the first three months of 2017, compared to a loss of C$139,565 in the same period of 2016.

Cash at the end of March stood at C$392,640, up from C$63,096 at the end of 2016.

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