March 8, 2013
NON-BROKERED PRIVATE PLACEMENT FINANCING
Vancouver, BC, Canada – Range Energy Resources Inc. (the “Company”) (CNSX: RGO) (FWB: YGK) is pleased to announce a non-brokered private placement of up to 87,500,000 units of the Company at a price of CDN$0.04 per unit (the “Units”) for gross proceeds of up to $3,500,000 (the “Offering”). Each Unit will consist of one (1) common share (the “Common Share”) and one (1) transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one (1) additional Common Share for a period of twenty four (24) months from the Closing Date of the Offering at a price of CDN$0.05 per Common Share. The Company has applied to and received approval from the Canadian National Stock Exchange to proceed with the Offering at $0.04 per Unit.
The closing is subject to receipt of all necessary regulatory and Board approvals. The Common Shares issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company may pay a finder’s fee on some of the gross proceeds to certain introducing parties in respect of the Offering, subject to compliance with applicable securities legislation and CNSX policies. The Company anticipates that there may be insider participation in the Offering, for which the Finder will not receive a commission.
The capital from the Offering will be used for continued exploration on the Company’s Khalakan Block project in Kurdistan and general working capital purposes.
For further information on Range Energy Resources Inc., please visit the Company’s web site at www.rangeenergyresources.com.
On Behalf of the Board of Directors:
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
This news release contains certain statements that may be deemed to include “forward-looking information”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Range Energy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Range Energy’s management on the date the statements are made. Except as required by law, Range Energy Resources Inc. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.