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Max Capital underwrites A$7 million fundraising for Range Resources

Dual listed Range Resources' (ASX: RRS; AIM: RRL) executive director Peter Landau has advised that the company's one (1) for four (4) non-renounceable entitlement issue at an issue price of $0.05 per share will be fully underwritten by Max Capital Pty Ltd (AFSL: 264772).

The issue will raise approximately $7.0 million.

The renaissance of RRS continues with the increase in share price since December and the appointment of Old Park Lane Capital plc (OPL) as broker to the company. 

Mr Landau indicated the appointment of Old Park Lane as brokers is part of an ongoing strategy to develop and broaden the existing base of institutional and ultra- high-net-worth shareholders in the UK.

“The company's assets are rapidly developing and we see the UK, alongside Australia, forming part of our long term shareholder base as we move ahead," he said.

OPL is a specialist stockbroking firm focusing on institutional and ultra-high-net worth clients in the UK and with a strong natural resources expertise.

Range has oil & gas exploration company with oil & gas interests in the frontier state of Puntland, Somalia, the Republic of Georgia and Texas, USA.

In Puntland, Range holds a 20% working interest in two licences encompassing the highly prospective Dharoor and Nugaal valleys with plans to drill two wells (TSXV:AOI) – 65% Operator, in 2010.

In the Republic of Georgia, Range holds a 50% farm-in interest in onshore blocks VIa and VIb, covering approx. 7,

Currently, Range is undertaking a 350km 2D seismic program.

Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with production commencing Jan/Feb 2010

Disclosure: The author holds no positions in the company