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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) - Range Energy Resources Inc. (the "Company") (CSE:RGO)(CSE:RGO.CN)(FRANKFURT:YGK) is pleased to announce that further to the Company's news release of February 15, 2017, it has received secured convertible loans totalling $1,479,749 (the "Loans") from Gulf LNG America, LLC ("Gulf") and Harrington Global Opportunities Fund S.A.R.L. ("Harrington"), which are the first advances under the credit facility pursuant to the loan agreements entered into with Gulf and Harrington on February 14, 2017 (the "Loan Agreements"). Gulf and Harrington are both significant shareholders of the Company. See the Company's news release of February 15, 2017 for information about the Loan Agreements. The Loans are evidenced by a secured convertible promissory note in favour of Gulf for the principal amount of $1,319,749 and a secured convertible promissory note in favour of Harrington for the principal amount of $160,000 (together the "Notes). The maturity date of the principal amount, interest and any fees of the Loans is February 15, 2018 and the rate of interest is 10% per annum. |
