Range Energy investor LNG now holds 66.91%

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Range Energy {CSE: RGO} have confirmed that their largest investor, LNG, has by way of buying 29.75 million additional shares in the recent financing, increased their shareholding to 66.91%.

If their warrants were exercised and added in, this would increase to over 76% of the company!

 

Range Energy investor acquires $1.19M in tranche units

 

GULF LNG INCREASES HOLDINGS OF RANGE SHARES

2015-10-07 18:43 ET – News Release

Further to the news release of Range Energy Resources Inc. dated Oct. 7, 2015, announcing the company’s closing of the first tranche of a non-brokered private placement of 29.75 million units, each unit consisting of one common share and one share purchase warrant, Gulf LNG America LLC has purchased all of the units issued in the private placement. The units were purchased by Gulf for four cents per unit, for a total purchase price of approximately $1.19-million.

 

As a result of the private placement, Gulf now owns 424,222,772 common shares of the company, representing 66.91 per cent of the company’s issued and outstanding common shares. In addition, Gulf has the right to acquire an additional 293,822,772 common shares pursuant to the 29,750,000 share purchase warrants issued to it in the private placement, as well as the 6,545,500, 17.8 million, 30 million, 20 million, 20 million, 25 million, 22,727,272 and 122 million share purchase warrants that Gulf had previously purchased in August, 2015, July, 2015, November, 2014, October, 2014, July, 2014, June, 2014, May, 2014, and November, 2013, respectively.

 

If Gulf fully exercised such share purchase warrants, it would own 718,045,544 common shares, which would represent 77.38 per cent of the company’s then issued and outstanding common shares. Immediately prior to the private placement, Gulf held 394,472,772 common shares of the company, representing 65.28 per cent of the company’s then issued and outstanding common shares.

 

Gulf acquired the securities for investment purposes and intends to evaluate its investment and to increase or decrease its holdings in the company as circumstances warrant.

 

The units were issued to Gulf in reliance upon the registration and prospectus exemptions in Section 2.3 of National Instrument 45-106 (prospectus and registration exemptions).

 

We seek Safe Harbor.