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Range Energy Resources receives fourth advance from Gulf LNG America

The maturity date of the principal amount, interest and any fees of the loan is June 28, 2018
Bank notes
Any loan will be evidenced by a secured convertible promissory note.

Range Energy Resources Inc (CNSX:RGO) has received a secured convertible loan for $1.18mln from Gulf LNG America LLC, a long-time backer of the company.

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

The maturity date of the principal amount, interest and any fees of the loan is June 28, 2018 and the rate of interest is 10% per annum, Range revealed.

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 will use the money for working capital purposes as it develops the Khalakan block in the Kurdistan region.

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