Range Metals Inc.
FRANKFURT : YGK
CNSX : RGO

Range Metals Inc.

October 29, 2009 18:06 ET

Range Finalizing Agreement to Acquire Interest in Middle East Concession

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2009) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Range Metals Inc. (CNSX:RGO)(FRANKFURT:YGK) ("Range" or the "Corporation") announces it is continuing to finalize the Share Purchase Agreement (the "Agreement") in regard to an arm's length acquisition of an indirect interest in an oil and gas concession in the Middle East (the "Acquisition"). The essential terms of the Agreement have been agreed to but necessary opinions and some requisite documentation are still being drafted. This documentation is expected to be in final form by Thursday, November 5, 2009.

On October 22, 2009 the Corporation announced the closing of a private placement financing of Subscription Receipts at C$0.20 each which raised a cash amount of C$24,108,000. These funds are being held in escrow pending the closing of the Acquisition. On closing of the Acquisition, an amount will be paid for the costs of the Acquisition, and the remainder, less commissions, financing and closing costs, will be delivered to Range to be used for its ongoing share of drilling and exploration costs, and general and administrative expenses.

Further details of the transaction will be announced at a later date.

For further information please visit the Company's web site at www.rangemetals.com.

On Behalf of the Board of Directors:

Donald R. Sheldon, President and CEO

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Range believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Range's management on the date the statements are made. Range undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.

The CNSX and Frankfurt Stock Exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of the content of this press release.

Contact Information

  • Range Metals Inc.
    Donald R. Sheldon
    President and CEO
    (604) 688-9600
    (604) 602-1606 (FAX)
    www.rangemetals.com