Range International Limited (ASX:RAN) Secures A$575K Loan Facilities
Loan Facilities Established
Range International Limited (ASX:RAN) has successfully established loan facility agreements amounting to A$575,000. These facilities, which can be drawn at the company’s election, were executed after market close on 24 December 2024.
The loan facilities, provided by directors and management of Range, are aimed at bolstering the company’s cash position. This strategic move aligns with Range’s ongoing efforts to reinstate its securities to the Official List of ASX.
Loan Details
The key terms of the loan facilities include a two-year term with an interest rate of 14% per annum on any amounts drawn. An establishment fee of 1% of the loan facility amount is payable on the first drawdown. The facilities are unsecured and do not carry any conversion rights into shares of the company. The agreements will terminate if ASX reinstatement is not achieved or upon specific events such as a change of control.
ASX Delisting Update
In addition, Range International is currently facing potential automatic delisting from the ASX, as its securities would have been suspended for two years as of 28 December 2024. The company has been in active discussions with ASX regarding its compliance with Chapter 12 of the Listing Rules and is awaiting confirmation of reinstatement based on the documentation provided.
Richard Jenkins, Executive Chairman of Range International, expressed optimism regarding the company’s compliance efforts and its focus on securing the necessary financing to navigate these challenges.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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