30 Aug 2016 12:16
REGENCY MINES PLC
("Regency" or the "Company")
Issue of Equity and TVR
30 August 2016
Regency Mines PLC, the natural resource development and investment company with interests in oil and mineral exploration, announces that it has raised £300,000 by way of placings of 75,000,000 new ordinary shares of 0.01 pence each ("Shares") in the Company at a price of 0.4p per share with 1 for 1 warrants exercisable at a price of 0.8p for thirty months ("Placing"). The proceeds will be used for general working capital purposes.
Andrew Bell, Chairman of Regency Mines states: "We are delighted to report that we have raised a total of £300,000 from high net worth private investors, including Paul Johnson, who has been investing in Regency from an early stage. He shares our view that the cycle has bottomed and that in these circumstances openings abound for a company such as Regency. We welcome him and our other new investors."
Further Information and Additional Terms
The Placing is conditional on admission of the Shares to trading on AIM ("Admission").
Paul Johnson has subscribed for a total of 18,750,000 shares under the Placing, payable in two tranches of 9,375,000 ("First" and "Second" tranche).
Payment of the Second tranche is due by 31 October 2016 conditional upon Regency maintaining its 100% holding in the Motzfeldt Rare Earth Minerals project and its 50% holding in the Mambare Nickel project until at least the date of the Second tranche payment.
Paul Johnson will have right to join the Board after payment of the Second tranche, subject to regulatory requirements.
Application has been made to the London Stock Exchange for Admission of the Shares (other than those to be issued upon payment of the Second tranche and so amounting to 65,625,000), which will rank pari passu with the Company's existing issued Ordinary Shares. Dealings are expected to commence at 8.00 a.m. on or around 12th September 2016.
Following the Placing, the Company's total issued ordinary share capital will consist of 318,009,571 Shares with voting rights. No Shares are held in treasury.
The above figure of 318,009,571 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
Note: The Market Abuse Regulation ("MAR") became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
For further information, please 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
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.