LONDON (Alliance News) - Regency Mines PLC said Thursday that it has sold its remaining 4.23%, or 29.7 million shares, interest in Alba Mineral Resources PLC for GBP91,878.
The company said the stake had a market value of GBP96,574 at the mid-market closing price Wednesday.
It will use the proceeds for working capital and other general purposes.
"The main oil exploration asset of Alba we increasingly see as one that does not fit with the main criterion we set for our investment in oil projects, which was that they should be capable of generating near-term cash flow. We are in negotiations for investments capable of meeting this criterion, so it seemed an appropriate time to divest ourselves of this holding. Further announcements will be made," said Chairman Andrew Bell in a statement.
Shares in Regency Mines were down 2.4% at 0.0244 pence, whilst shares in Alba were down 8.8% at 0.296 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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