14 Jun 2016 07:00
Regency Mines Plc
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("Regency" or the "Company")
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Update
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14 June 2016
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Regency, the natural resources exploration and investment company with interests in oil and base minerals, announces a rationalisation of its graphite interests in Australia.
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On 20 May 2015 the Company announced that it had reached agreements with certain other parties in relation to its graphite interests at Munglinup, Western Australia.
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Under the agreements, Regency Mines Australasia Pty Ltd ("RGMA") surrendered its interest in the Munglinup tenements. Gold Terrace Pty Ltd, a private Australian company, and the holder of neighbouring graphite tenements, agreed that it would within a year of execution use its best endeavours to issue Regency with three million shares in the capital of the proposed listed vehicle, or failing that some other consideration.
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Gold Terrace Pty Ltd has notified Regency of its intention to issue Regency with three million shares in a listed entity. At current prices, the value of the consideration will be AUD120,000, against a carrying value in the books of AUD200,000. Further information will be provided in due course.
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For further information, please contact:
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Andrew Bell 0207 747 9960 Chairman 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.
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