LONDON (Alliance News) - Regency Mines PLC said Thursday that it had sold 50 million shares in Ram Resources Ltd for a total of AUD450,000.
Following the sale, it retains a 7.35% interest in Ram. It will use the proceeds from the sale to repay debt and as working capital.
The company said that it expects to receive a further 35 million shares in Ram as part of a deal announced April 14, but said it doesn't plan to sell any further shares, and has entered into a six month escrow for its remaining shareholding.
Shares in Regency Mines closed up 5.1% at 0.268 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
Copyright 2014 Alliance News Limited. All Rights Reserved.
