Range has entered into a Subscription Agreement with Abraham Ltd, a Hong Kong based private institutional investor. Under the terms of the Subscription Agreement, the Investor will subscribe US$12 million in cash and will be issued with Ordinary Fully Paid Shares of the Company at a price of £0.01 per Share, representing a premium of approximately 49% to the mid market share price at the close of business on AIM on 14 May 2014.
At current exchange rates, the Subscription will be for approximately £7.1 million and will result in the issue of approximately 712 million Shares. The Subscription is in two tranches and the number of shares in each tranche will be dependent solely on the exchange rate between GBP and USD at the time of completion. Upon completion of the two tranche Subscription, and subject to shareholder approval, the Investor is expected to hold approximately 15% of the enlarged share capital of the Company.