Ashurst has advised Core Capital Management Co., Ltd (Core Captial) in a US$60m (approx. A$72 million) issue of shares and convertible notes to provide US$60m funding to Range Resources.

Core Capital and the ASX-listed Range Resources Ltd (Range Resources) entered into a Subscription Agreement and Convertible Note Deed Poll under which Core Capital will provide up to US$60m funding to Range Resources by way of subscription for shares and convertible notes.

On completion of the Subscription, the Investor will hold approximately 38.4% of the enlarged share capital of the Company. On a conversion of all of the Convertible Notes, Core Capital would hold approximately 47.4% of the enlarged share capital of the Company.

The proceeds from the funding package will be used to repay existing debt, accelerate Range Resources' oil production target through drilling, secondary recovery and strategic acquisition of current producing projects in Trinidad in the West Indies.

The Ashurst team was led by partner Murray Wheater, who was assisted by senior associate Raymond Lou and lawyer Samantha Robson and paralegal Ken Tang.