Range Energy investor Gulf LNG boosts holdings to 64.9% Range Energy investor Gulf LNG boosts holdings to 64.9%
2015-07-15 13:21 MT - News Release
An anonymous director reports
GULF LNG INCREASES HOLDINGS OF RANGE SHARES
Further to the news release of Range Energy Resources Inc. dated July 10, 2015, announcing the company's non-brokered private placement of 17.8 million units, with each unit consisting of one common share and one share purchase warrant, Gulf LNG America LLC purchased all of the units issued in the private placement. The units were purchased by Gulf for five cents per unit for a total purchase price of approximately $890,000.
As a result of the private placement, Gulf now owns 387,927,272 common shares of the company, representing 64.9 per cent of the company's issued and outstanding common shares. In addition, Gulf has the right to acquire an additional 257,527,272 common shares pursuant to the 17.8-million share purchase warrants issued to it in the private placement, as well as the 30-million, 20-million, 20-million, 25-million, 22,727,272 and 122-million share purchase warrants that Gulf had previously purchased in November, 2014, October, 2014, July, 2014, June, 2014, May, 2014 and November, 2013, respectively. If Gulf fully exercised such share purchase warrants, it would own 645,454,544 common shares, which would represent 75.5 per cent of the company's then-issued-and-outstanding common shares. Immediately prior to the private placement, Gulf held 370,127,272 common shares of the company, representing 63.8 per cent of the company's then-issued-and-outstanding common shares.
Gulf acquired the securities for investment purposes, and intends to evaluate its investment and to increase or decrease its holdings in the company as circumstances warrant.
The units were issued to Gulf in reliance upon the registration and prospectus exemptions in Section 2.3 of National Instrument 45-106 -- prospectus and registration exemptions.
About Gulf LNG America LLC
Gulf is an investment firm based in Houston, Tex., specializing in energy investments, including projects in the Middle East.
We seek Safe Harbor.
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