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Range Energy enters convertible loan agreements

Thursday, February 16, 2017 14:35
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Range Energy Resources Inc. (CNSX:RGO) this week entered into loan agreements with Gulf LNG America LLC and Harrington Global Opportunities Fund SARL.

Gulf and Harrington are both significant shareholders of the company.

Under each loan agreement, both of which contain arm’s-length terms, the relevant lender may advance one or more loans to the company from time to time, upon request by the company.

A lender may decline a loan requested by the company or approve of only a portion of such loan in its sole discretion. Any loan will be evidenced by a secured convertible promissory note. The terms of repayment of the principal amount, interest and any fees of any loan, including without limitation the maturity date and the rate of interest, and the conversion price will be set out in a repayment schedule attached to the applicable note.

The loan collateral excludes the Company’s shares of NAZZ2 and all rights of the company derived from or connected to the NAAZ2 Shares.

The Collateral does however include all dividends, income, interest, and other amounts (other than additional NAAZ2 Shares) paid to and received by the Company on the NAAZ2 Shares and the NAAZ2 Shares Derivative Rights. If the Company obtains the consents necessary to grant to the lenders a lien on the NAAZ2 Shares and the NAAZ2 Shares Derivative Rights, this property will become part of the Collateral.

Story by ProactiveInvestors


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