Range Resources gets green light for Chinese funding deal

Explorer Range Resources has received regulatory approval for a $30m funding deal with Beijing Sibo Investment Management.

Shares in the AIM listed stock were down 2.64% to 0.641p at 0850 BST.

Sibo said it would subscribe for ordinary shares, giving $22.1 in cash for a subscription price of £0.008 per ordinary share.

It has already subscribed for $7.9m in cash, for a total subscription of $30m over two tranches.

In a statement Range Resources added it was confident of meeting its year-end production target of 1,000 barrels of oil per day, and was focused on delivering on long-term growth prospects.

The company said it was still looking to get rid of its 20% interest in the Guatemalan Project which was valued at $2.2m.

In a separate announcement, Range Resources said it would appeal an Australian court decision which ordered it to pay back $7.225m to Lind Asset Management.

Range Resources had asked for the statutory demand to be set aside but the Supreme Court of Western Australia found in Lind’s favour.