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Range Resources completes sale of Texas assets


Published Mar 25, 2015
Range Resources Limited

Range Resources has completed the sale of its Texas assets to Citation Resources Limited.

As part of the sales proceeds Range has received a AU$500,000 cash payment, a carry on the Guatemalan assets to the value of AU$830,000, a forgiveness on monies owed by Range to Citation to the value of AU$189,000 and 200 million new ordinary shares in Citation.

Range also has the right to appoint one Director to the Board of Citation, provided that Range holds a minimum of 100 million Citation shares. Range has not appointed any Director at this time but will keep this option under review.

Tags: Range Resources Limited




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