8 Jul 2008 16:43
REGENCY MINES PLC
Trading Update and Option Exercise
Dated: 8 July 2008
Regency Mines plc ("Regency" the "Company") the mining exploration and mineral investment company with interests in copper and nickel in Western Australia, Queensland, and Papua New Guinea, announces recent developments at its Mambare lateritic nickel-cobalt project in Oro Province, Papua New Guinea.
The rotary drilling contract will begin upon arrival of the seven rigs on site, which is currently expected to be by mid-August. The duration of the initial 10,000 metre programme is estimated at 120 days.
The ground-penetrating radar programme, announced on 14 April 2008, has been concluded and the Company awaits results, which are expected shortly.
On 7 July 2008 the Company allotted issued 5,500,000 new ordinary shares of 0.1p each in the capital of the Company (the "Shares") at 2p per Share upon the exercise of 5,500,000 options expiring 30th April 2008. 2,500,000 options lapsed unexercised. Kenneth Watson, a Director of the Company, exercised 500,000 options and was allotted 500,000 Shares at 2p per Share. As a result Kenneth Watson's shareholding in the Company increased from 10,000,004 ordinary shares to 10,500,004 ordinary shares, representing 4.8% of the issued share capital of the Company as enlarged by the issue of the Shares.
Further on the 18 September 2007 an application was made for 16,714,286 ordinary shares of 0.1p each in the capital of the Company to be admitted to trading on AIM however 16,714,287 ordinary shares were allotted and issued. Application has been made to the London Stock Exchange for the one ordinary share (the "Correction Share") to be admitted to trading on AIM
Following the issue of the Shares the Company's total issued share capital will be 219,940,663 ordinary shares. Application has been made to the London Stock Exchange for 5,500,001 ordinary shares to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 14 July 2008.
Enquiries:
| Andrew Bell | 0207 402 4580 or 07766 474849 | Regency Mines plc | Chairman |
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| John Simpson | 020 7489 4500 | Blomfield Corporate Finance Ltd | Nominated Adviser |
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| Ron Marshman / John Greenhalgh | 020 7628 5518 | City of London PR Limited | Public Relations |
Updates on the Company's activities are regularly posted on its website, www.regency-mines.com.