LONDON (Alliance News) - Regency Mines PLC Monday said it had been issued with a second tranche of 35 million RAM Resources shares as part of its conversion of an interest in the Fraser Range tenements.
It said the 35 million shares represents 5.6% of the 13.5% carried interest retained by Regency in the Fraser Range tenements. The shares were issued at AUD0.8 cents, meaning they're worth AUD280,000.
"RAM has now issued the balance of shares converted from our Fraser Range project holding at the original placing price from April 2014. The company retains a meaningful direct stake and royalty interest in the Fraser Range project itself as well as this new liquid shareholding in RAM. We intend to continue to support RAM in its development and exploration in the exciting Fraser Range area while considering our investments a potential form of future funding and liquidity when appropriate," Regency Mines Chairman Andrew Bell said in a statement.
Regency Mines shares were up 4.2% at 0.109 pence in London early Monday. Ram Resources shares closed at AUD0.60 cents on the Australian Securities Exchange on Monday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
