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Ike Kolias offers 4.9 cents per share in cash for New Range Resources

Published: 00:56 08 May 2009 BST

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New Range Resources (TSX-V: RGE) announced that it had received an cash offer of C$0.049 per share, a 22.5% premium to the company’s last trading price of $0.04 per share.

Ike Kolias, who acquired a 22.7% stake at $0.05 per share in December 2008, is offering to acquire not less than 66.23% of the company (including his own equity).

New Range Resources advised shareholders not to make any decision until it had time to consider the offer.  New Range has appointed Geoffrey Paskuski, a director of the company and Thomas Robinson, President and CEO, to an independent committee to consider the offer.

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