The Trinidad oil and gas company on Friday clarified its financial position following the receipt of £5.2mln in cash as part of a recently agreed funding deal with Beijing Sibo Investment Management.
Shares subscribed for by Sibo were priced at 0.8p, a 48% premium to the Range share price back in December. The Chinese investor as a result of the share subscription takes a 11.3% stake in the company.
Sibo agreed in May to provide up to US$35mln of new capital, the remainder of the funding is anticipated to complete in August subject to a number of approvals.
Range is currently advancing an ongoing drill programme in Trinidad and it is expanding its production operations up to a targeted 1,000 barrels per day.
On AIM, Range shares more than doubled in value from the price prior to the suspension of trading in December, and by around 10:00am the oil firm was up 0.42p, 77%, trading at 1p each.