Range Metals Inc.
FRANKFURT : YGK
CNSX : RGO

Range Metals Inc.

June 03, 2009 16:53 ET

Range Seeking Financing for Middle East Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 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 that in connection with negotiations to acquire an interest in an oil and gas property located in the Middle East, it has engaged Roche Securities Ltd. of Toronto, Ontario to raise up to $10 million by way of Subscription Receipts, each subscription receipt to be sold at a price of $0.20.

If the negotiations to acquire the property interest prove successful, it is expected that the proceeds of the financing will be used principally to finance the purchase price of the acquired interest. The proceeds from the sale of the Subscription Receipts will be held in escrow and released concurrently with completion of the acquisition, whereupon each Subscription Receipt will convert into a unit consisting of one common share and 1/2 share purchase warrant. Every two warrants will entitle the holder to acquire one common share of the Company for $0.25 for a two year period following issuance of the units.

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