Range Energy Resources Inc. (CNSX:RGO) said on Tuesday it has received a secured convertible loan for $2,007,600 from shareholder Gulf LNG America LLC, which is the second advance under the credit facility on a loan with Gulf agreed on on Feb. 14.
Gulf is a significant shareholder of the Company.
The Loan involves a secured convertible promissory note in favour of Gulf for the principal amount of $2,007,600. The maturity date of the principal amount, interest and any fees of the Loan is March 5, 2018 and the rate of interest is 10% per annum.
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