Australian-based Range Resources has secured a 30 million pound extension of the Equity Line Facility from the Dutchess Opportunity Fund. Range Resources principal activities are directed towards finding and delineating hydrocarbons in Puntland, Somalia; the Republic of Georgia, onshore Texas, USA and Trinidad.
Dutchess Opportunity Fund is pleased to announce the 30 million pound extension of the Equity Line Facility (“ELF”) to Australian-based Range Resources, Ltd. With this extension of the Equity Line Facility, Range Resources will have immediate access to funds for any appraisal operations that would be necessary, should their exploration wells result in a discovery.
The flexibility to raise capital at the discretion of the company, and with no obligation to do so, is what makes the ELF such an attractive source of financing for public companies. It allows the management to decide the timing and amounts of each draw.
Ashton Jones, head of Dutchess’ Australian business development stated, “As a result of the downturn in the global equity markets, most traditional sources of funding are not available to companies. Credit is tight, banks aren’t lending, and this puts companies in a vulnerable position to keep operations going or expand operations. As a result, the ELF has grown in popularity among global exchanges because it fills that void left by financial institutions that have ceased new investments.”
About Dutchess Capital
Dutchess Capital was founded in 2000. Since then, Dutchess has been a market leader and innovator in providing ELFs and other unique financing structures for publicly-traded companies.
Dutchess has transacted over $2 billion in ELF commitments globally. Dutchess has over 10 years of experience assisting companies throughout the process, as well as the financial wherewithal to fund the company throughout the entire commitment.
Dutchess sources worldwide investment opportunities, with offices in Boston, New York, London, Seoul and Beijing.