LONDON (Alliance News) - Regency Mines PLC Monday said it intends to convert a further interest of up to 35 million new shares in associate company Ram Resources Ltd.
In February, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan, said that Ram Resources had raised AUD1.5 million in a placing to fund an exploration programme at its Fraser Range and Fraser Range North projects in Australia.
Ram raised the funds through the issue of 187.5 million new shares at 0.8 cents, with Regency Mines owning a 18.2% interest in Ram, and a royalty over and 20% carried interest in Ram's Fraser Range project.
Regency said Monday that it has exercised its right to convert part of its carried interest in the Fraser Range tenements at the same price as the issue, with the conversion of a further 5.6% of its carried interest.
Regency Mines shares we up 3.7% Monday afternoon, at 0.316 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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