30 Jan 2018 09:31
Regency Mines PLC
("Regency" or the "Company")
Full Repayment of Convertible Loan
30 January 2018
Regency Mines Plc (LON: RGM), the natural resource exploration and development company with interests in battery metals and storage technologies as well as hydrocarbons announces, further to its announcement of 11 January 2018 that it has repaid in full its outstanding convertible loan with YA II PN, Ltd ("YA").
Of the original principal of $1,000,000, the final pay-out as of 26 January 18 was $835,115. This includes $725,647 of principal as well as $33,548 of accrued interest and a reduced pre-payment fee of 10%.
Following this repayment Regency will have completed its deleveraging process and will have no financial debt on its balance sheet.
Andrew Bell, Chairman, comments: "Regency entered into this convertible loan structure to refinance an existing facility and to fund expansion of its operations in early 2017. During the life of the loan no conversion into Regency shares took place due to judicious management of the instrument and a reduction in the amounts outstanding. Regency has now transferred the funds required to pay off this facility in whole, and now finds itself debt free for the first time since 2011. As such, we have completed the initial repositioning of the business, laying the foundations for further development of our interests in battery metals, metallurgical coal and coal bed methane. We remain excited about our prospects in these areas for 2018 and will update the markets in due course."
For further information, please contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Director Regency Mines Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited