Range is pleased to confirm that, further to the previously announced US$12 million financing with Abraham Ltd (the Investor) (see announcement on 15 May 2014), the full Subscription proceeds of US$12 million have been received by the Company.
As per the terms of the Subscription Agreement, the Investor will now be issued with Ordinary Fully Paid Shares of the Company (Share or Shares) in two equal tranches. In each tranche, the Shares will be subscribed at a price of £0.01 per share, representing a premium of approximately 49% to the mid market share price at the close of business on AIM on 14 May 2014.
Based on the applicable exchange rate for the first tranche of US$6 million, the Investor will subscribe for 356,188,780 Shares which will be issued on or around 28 May 2014 and admission to trading on AIM is expected on or around 6 June 2014.
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