Range International (ASX:RAN) has secured loan facility agreements totaling A$575,000 with its directors and management. The loans aim to strengthen the company's cash position and assist in reinstating its securities to the ASX Official List. The loans feature a two-year term and an interest rate of 14% per annum.
Range International has taken significant steps to address its financial situation and improve its standing with the ASX. By securing A$575,000 in loan facilities from directors and management, the company aims to enhance its cash reserves and work towards reinstating its securities, which have been suspended for almost two years. The unsecured loans carry a 14% annual interest rate and a two-year term. The company is also making efforts to comply with Chapter 12 of the ASX Listing Rules. Range International remains focused on its operations in East Java, Indonesia, where it manufactures eco-friendly plastic pallets for the Asia Pacific market. The company's commitment to resolving its ASX compliance issues reflects its broader ambition to stabilize and grow its business.
The loan facilities are a crucial step in improving our cash position and progressing towards reinstatement of our securities on the ASX. We are committed to addressing compliance issues and ensuring the company meets all necessary requirements.