Range Metals Inc.
FRANKFURT : YGK
CNSX : RGO

Range Metals Inc.

September 21, 2009 14:23 ET

Range Finalizing Financing for Middle East Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 21, 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 "Company") is pleased to announce negotiations are being finalized to participate in a Middle East oil and gas concession development project.

Range, through its corporate finance and capital markets partners, is conducting a Subscription Receipt financing of $Cdn 15.0 million to $Cdn 25.0 million. A maximum of 125,000,000 subscription receipts, each consisting of one common share and one share purchase warrant, will be offered at a per subscription receipt price of $0.20. Each warrant can be exercised to purchase one common share of the Company for $0.40 for a two-year period.

Gross proceeds with be held in escrow pending the approval by the board and execution of the participation agreements. Once released to the Company, proceeds will be used in connection with the Middle East oil & gas project, continuing exploration and drilling activity, and for general corporate purposes.

The above private placement is subject to all regulatory and board approvals.

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

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
    (604) 688-9600
    (604) 602-1606 (FAX)
    www.rangemetals.com