Vancouver, BC, Canada – Range Energy Resources Inc. (the “Company”) (CSE: RGO) (FWB: YGK) announced today that its board of directors has authorized the Company to amend the terms of four Loan Agreements previously entered into by the Company. The amendments will extend the secured, convertible promissory notes (the “loan(s)”) granted under the Loan Agreements by 90 days and, upon written notice of the company, the lender may extend the maturity dates for an additional 90 days. The other terms and conditions will remain the same.
On February 14, 2017, the Company entered into a Loan Agreement with Harrington Global Opportunities Fund S.A.R.L. (“Harrington”) and was granted a loan with a principal amount of C$140,936. On this date, the Company also entered into a Loan Agreement with Gulf LNG America, LLC (“Gulf”) and was granted a loan with a principal amount of $5,603,371. Both loans will now be extended until May 15, 2018 and may also be extended for an additional 90 days.
On February 15, 2017, the Company entered into a Loan Agreement with Harrington and was granted a loan with a principal amount of C$160,000. On this date, the Company also entered into a loan agreement with Gulf and was granted a loan with a principal amount of $1,319,749. Both loans will now be extended until May 16, 2018 and may also be extended for an additional 90 days.
All or any portion of the principal amount, accrued interest and fees outstanding under the loans is convertible by the lenders into common shares of the Company at any time before the maturity date, at a conversion price per share set out in the loans, subject to adjustment upon certain events occurring. The conversion price for the loans was approved by the Company’s board and by the Canadian Securities Exchange. Please see the Company’s news releases dated February 15, 2017 and February 16, 2017 for further details.
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:
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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.