Vancouver, BC, Canada –Range Metals Inc. (CNSX:RGO) (FWB:YGK) (“Range” or the “Company”) is pleased to announce negotiations are being finalized to participate in a Middle East oil and gas concession development project.
Range, through its corporate finance and capital markets partners, is conducting a Subscription Receipt financing of $Cdn 15.0 million to $Cdn 25.0 million. A maximum of 125,000,000 subscription receipts, each consisting of one common share and one share purchase warrant, will be offered at a per subscription receipt price of $0.20. Each warrant can be exercised to purchase one common share of the Company for $0.40 for a two-year period.
Gross proceeds with be held in escrow pending the approval by the board and execution of the participation agreements. Once released to the Company, proceeds will be used in connection with the Middle East oil & gas project, continuing exploration and drilling activity, and for general corporate purposes.
The above private placement is subject to all regulatory and board approvals.
On Behalf of the Board of Directors:
Donald R. Sheldon
President
