Range Energy Resources Inc : Non-Brokered Private Placement Vancouver, BC, Canada - Range Energy Resources Inc. (the "Company") (CNSX: RGO) (FWB: YGK) is pleased to announce a non-brokered private placement of up to 122,000,000 units of the Company at a price of CDN$0.05 per unit (the "Units") for gross proceeds of up to $6,100,000 (the "Offering"). Each Unit will consist of one (1) common share (the "Common Share") and one (1) transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one (1) additional Common Share for a period of five (5) years from the Closing Date of the Offering at a price of CDN$0.05 per Common Share.
The closing is subject to receipt of all necessary regulatory and Board approvals. The securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The Company anticipates that there may be insider participation in the Offering. The capital from the Offering will be used by the Company to continue to fulfill its obligations to joint venture participants so that the development of the Khalakan Block in the Kurdistan Region of Iraq can continue as well as provide general working capital.
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:
Toufic Chahine
Chairman
Tel: 604-688-9600
Fax: 604-602-1606
Email: range@rangeenergyresources.com