21 Oct 2013 16:03
Regency Mines Plc
("Regency" or the "Company")
Fraser West Project - Completion of Disposal
21 October 2013
Regency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia and Papua New Guinea announces an update on the sale of a majority interest in the Fraser West Project in Australia to Ram Resources Limited (ASX:RMR)("RAM"), a company listed on the Australian Stock Exchange and previously referenced on 10 October 2013 and 26 July 2013.
RAM has announced that it has completed its acquisition of an additional 70% interest in the Fraser West Project bringing its total to 80%. All securities approved at the recent General Meeting have now been issued, with the Company now increasing its equity position in RAM to 19.9%. Regency will now hold 59,938,434 shares of RAM post consolidation, and retain a 20% direct stake in the project.
Regency Chairman Andrew Bell states: "The delivery of the remaining RAM shares following the General Meeting completes the partial vend of our Fraser West project into ASX listed Ram Resources. RAM is now fully funded and poised to focus its efforts on the exploration of these exciting tenements. Regency meanwhile, retains a meaningful direct stake in the project, an indirect one via its holdings in RAM, as well as a royalty and performance shares. This structure allows Regency shareholders to participate in Fraser West's future upside at no additional cost to the Company, and demonstrates the execution of the Company's strategy to add shareholder value during challenging market conditions."
Enquiries:
Andrew Bell 020 7747 9960 or 07766 474849 | Chairman Regency Mines plc |
Sandra Spencer 020 7747 9960 or 07757 660 798 | Investor Relations Regency Mines plc |
Colin Aaronson/David Hignell 020 7383 5100 | NOMAD Grant Thornton UK LLP |
Nick Emerson 01483 413500 Guy Wheatley 02073828416 Rupert Trefgarne 02031288817 | Broker SI Capital Ltd Joint Broker Beaufort Securities Ltd Media Relations MHP Communications |