FINANCING / Range private placement
RANGE ANNOUNCES PRIVATE PLACEMENT
VANCOUVER, Sept. 23 /CNW/ - Range Petroleum Corporation
RAN-VSE
Further to the news release, dated July 24, 1998, the Company has placed
500,000 flow through shares at a price of $1.75 per share with EnerVest FTS
Limited Partnership Fund (1997).
In addition, Range has entered into a Private Placement agreement placing
505,322 units at a price of $1.50 per unit with an armslength placee. The
unit comprises one share accompanied by a half share purchase warrant. The
warrant is exercisable at $1.75 per share and carries a one-year term. This
placement is in lieu of the balance of the flow-through shares (500,000),
approved by the Board of Directors and referenced in the news release, dated
July 24, 1998. A finder's fee of 2.5% will be paid to Haywood Securities Inc.
for this placement.
Collectively, the gross proceeds from these private placements amount to
$1,632,983 Cdn. These funds are dedicated to advancing Range's 3-D seismic
and drilling program currently being conducted in Lambton County, Southwest
Ontario, where the Company holds 100% working interest in excess of 60,000
acres.
The Vancouver Stock Exchange has neither approved nor disapproved of the
contents herein.
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For further information: Craig A. Steinke, Chairman & C.E.O. or Bruce
Nurse, Corporate Communications toll-free: (888) 326-4966
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