18 Dec 2013 11:35
Regency Mines Plc
("Regency" or the "Company")
Sudan Update and Issue of Equity
18 December 2013
Regency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea announces an update on its agromineral exploration in Sudan, a project where Regency has farm-in rights under an option agreement with International Mineral Resources (Agrominerals Sudan) Ltd ("IMRAS").
Under the terms of the amended farm-in agreement announced on 16 August 2012, and following the revision to the concession area, as referred to in the announcement of 12 April 2013 and of 13 August 2013, the parties have agreed that sufficient progress has been made in fulfilment of outstanding obligations relating to license rights and the ability to progress to mining licenses for a second payment to be made to IMRAS.
Accordingly, 18,000,000 new Regency shares of 1 pence each ("Ordinary Shares")have been issued to IMRAS at a deemed issue price of 0.52 pence per share.
Simultaneously the Company will issue an additional 2,000,000 Ordinary Shares at a price of 0.52 pence to certain vendors in satisfaction of outstanding obligations.
Following the issue of Shares, the Company's total issued ordinary share capital will be 1,211,049,883 Ordinary Shares. Application has been made to the London Stock Exchange for the new Shares and Fee Shares, which rank pari passu with the Company's existing issued Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 24 December 2013.
Enquiries:
Andrew Bell 020 7747 9960 or 07766 474849 | Chairman 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 |