The company said $6.25 million was raised via the exercise of 125 million existing options at 5c per share, which was mostly funded by a UK broker to list Range on AIM in the first half of next year.
“The exercise of the options is significant for the company in that the raising, coupled with the underwritten $3.9 million minimum rights issue, underpins its exploration and development of Puntland,” director Peter Landau said.
“As previously announced, the Puntland development is viewed…as an exceptional opportunity given the access to all mineral and hydrocarbon, on and off shore, resources of the Puntland region.”
Landau said the $10 million raising allowed the company to choose its joint venture and farm in partners without “pressing time or financial constraints.”
He said the Range aimed to finalise negotiations with its first Puntland partner early next year.
The top five shareholders in Range Resources are now: ANZ Nominees Ltd (15.79%); Captain Starlight (14.59%); Max Capital (7.22%); Yono Nominees (3.07%); and National Nominees (2.57%).
