Boston, MA -- (SBWIRE) -- 03/26/2013 -- Range Resources Limited (Range) intends to acquire a 10% stake in Latin American Resources Ltd. (LAR) for a purchase consideration of AUD2MM (US$2.1MM). LAR holds an 80-100% operating interest in two oil and gas development and exploration blocks, namely Block 1-2005 and Block 6-93, in the South Peten Basin in Guatemala. Along with this transaction, Range will also acquire a 19.9% strategic interest in Citation Resources Limited (Citation), through the conversion of existing debt funding provided by Range to Citation into ordinary Citation shares (subject to any necessary Citation shareholder approvals) at AUD0.02 (US$0.02). This will have a one for two free attaching listed Citation option (AUD0.04, June 2015), which is approximately AUD2MM (US$2.1MM) for the 19.9% interest. In addition, Range will pay AUD2MM (US$2.1MM) for the 10% interest in LAR. Concurrently, Range has completed a placement of 40 million new shares to Citation nominees at AUD0.05 (US$0.05) per share (being a premium to the current share price) to raise gross proceeds of AUD2MM (US$2.1MM), along with the issue of 40 million unlisted options (AUD0.05, January 31, 2016) in facilitation, introduction and corporate advisory fees.

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Scope

- Rationale behind Range Resources planning to acquire 10% stake in Latin American Resources for US$2.1MM.
- To understand the rational about how the acquisition will enable Range to take advantage of highly prospective appraisal and development opportunities with minimal costs.
- Geography Covered- Guatemala.

Reasons to Get This Report

- Develop a sound understanding about how the acquisition will enable Range to take advantage of highly prospective appraisal and development opportunities with minimal costs.
- To know more about the highly prospective and underexplored region of the South Peten Basin in Guatemala.
- To have an understanding about how the current deal will enable Range to create a potential spin-off vehicle for its Puntland assets.

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