2016-03-14 15:59 MT - News Release
Ms. Denise Dingwall of Gulf reports
GULF LNG INCREASES HOLDINGS OF RANGE SHARES
Further to the news release of Range Energy Resources Inc. dated March 14, 2016, on the company's closing of the third tranche of a non-brokered private placement of 42,029,428 units, each unit consisting of one common share and one share purchase warrant, Gulf LNG America LLC has purchased 42,029,428 of the units issued in the private placement. The units were purchased by Gulf for 3.5 cents per unit, for a total purchase price of approximately $1,471,030.
As a result of the private placement, Gulf now owns 558,395,075 common shares of the company, representing 69.75 per cent of the company's issued and outstanding common shares. In addition, Gulf has the right to acquire an additional 427,995,075 common shares pursuant to the 42,029,428 share purchase warrants issued to it in the private placement, as well as the 29.7 million, 39,375,000, 14,840,375, 8,227,500, 29.75 million, 6,545,500, 17.8 million, 30 million, 20 million, 20 million, 25 million, 22,727,272 and 122 million share purchase warrants that Gulf had previously purchased in February, 2016, January, 2016, December, 2015, November, 2015, October, 2015, August, 2015, July, 2015, 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 986,390,150 common shares, which would represent 80.29 per cent of the company's then issued and outstanding common shares. Immediately prior to the private placement, Gulf held 516,365,647 common shares of the company, representing 68.07 per cent of the company's then issued and outstanding common shares.
Gulf acquired the securities for investment purposes, and intends to evaluate the 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 exemptions.
About Gulf LNG America
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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