18 Sep 2017 07:00
Regency Mines Plc
("Regency" or "the Company")
Further and Final Sale of Shares
15 September 2017
Further to the announcement of 1 September 2017, Regency Mines Plc, the natural resource company with interests in oil and mineral exploration and development, announces that it has sold the remaining balance of 6,826,158 shares in UK Oil and Gas Investments PLC ("UKOG") at an average net price of 8.20 pence per UKOG share for a total net consideration of £557,080.
The acquisition cost of the sold shares under the agreement announced on 10 July 2017 was £105,566.
Company Chairman Andrew Bell comments: "A significant rise in the UKOG share price since our last sales was a factor in our decision to resume sales from our UKOG holding and provided the opportunity to complete our disposal of the shares that we received as consideration for our interest in Horse Hill Developments Ltd. These sales together with those announced at the beginning of the month mean that we have sold 17,361,862 shares in UKOG for net proceeds of £1,297,700. These funds have enabled us to deleverage the business, and have provided working capital and the capital required to invest in Curzon Energy and to progress the rationalization of our coal interests in the United States."
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.