14 Jun 2016 07:00
Regency Mines Plc
("Regency" or the "Company")
Update
14 June 2016
Regency, the natural resources exploration and investment company with interests in oil and base minerals, announces a rationalisation of its graphite interests in Australia.
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.
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.
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.
For further information, please contact:
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.