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 a Loan Agreement previously entered into by the Company. The amendment will extend the maturity date of the secured convertible promissory note granted under the Loan Agreement and, upon written notice of the Company, the lender may also extend the maturity date for an additional 90 days. The other terms and conditions will remain the same.
On March 3, 2017, the Company entered into a Loan Agreement with Gulf LNG America, LLC and received a secured convertible loan of $2,007,600 made under the Gulf Secured Convertible Loan Agreement (the “Loan”). The interest rate on the Loan is 10% per annum, and the Loan is convertible into common shares of the Company at $0.02 per share. The maturity date of the principal amount, interest, and any fees of the Loan has now been extended to 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 Loan 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 Loan, subject to adjustment upon certain events occurring. The conversion price for the Loan was approved by the Company’s board and by the Canadian Securities Exchange. Please see the Company’s news release dated March 7, 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.