Source - RNS
RNS Number : 5087M
Regency Mines PLC
14 October 2016
 

REGENCY MINES PLC

("Regency" or the "Company")

Issue of Equity - Second Tranche and TVR

 

14 October 2016

 

Further to the Issue of Equity and TVR announcement made on 30 August 2016, Regency Mines PLC, the natural resource development and investment company with interests in oil and mineral exploration, announces the completion of Paul Johnson's Second tranche subscription under the Placing which was due by 31 October 2016.

In accordance with the terms of the Placing, Paul Johnson had subscribed for a total of 18,750,000 Shares, payable in two tranches of 9,375,000.  The Company has now received payment for the Second tranche and is accordingly making an application to the London Stock Exchange for the 9,375,000 Shares, which on Admission will rank pari passu with the Company's existing issued share capital. Dealings are expected to commence at 8.00 a.m. on or around 19th October 2016.

Following the issue of the Second tranche Paul Johnson will be interested in 29,484,150 Shares, representing 9.01% of the Company's enlarged issued share capital. In addition, following this completion, Paul Johnson has the right to join the Board, subject to regulatory requirements. A further announcement regarding his appointment will be made in due course.

Andrew Bell, Chairman of Regency Mines states: "We are delighted to have Paul Johnson complete the settlement of the second half of his investment in Regency. His further investment, which now takes his position to over nine per cent. of the Company's issued share capital, demonstrates his confidence in the prospects of the Company.

Following admission of the Second tranche Mr Johnson also has a right to a seat on the Regency board, subject to normal regulatory due diligence procedures.

Regency is a well positioned and diversified natural resource operating company.  The Company has high impact and substantial projects with Niobium-Tantalum and Rare earth Elements at Motzfeldt, Greenland and Nickel-Cobalt at Mambare, Papua New Guinea.  In both cases considerable JORC compliant resources have already been delineated from a small proportion of the mineralised area within each project.

The Company also holds stakes in the Horse Hill oil & gas project in the United Kingdom and Westport Energy coal bed methane onshore in the United States. Both interests offer a substantial underlying current value and significant upside potential for shareholders as the projects develop.

In addition to existing projects we are looking to further augment our portfolio of assets with a particular focus on natural resource opportunities that would, if secured, be representative of the opportunities available at this stage of the natural resource cycle. 

We look forward to reporting regularly to market with regard to new business developments."

Total Voting Rights

 

Following the issue of the Second tranche, the Company's total issued ordinary share capital will consist of 327,384,571 Shares with voting rights.  No Shares are held in treasury.

The above figure of 327,384,571 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.

Capitalised terms in this announcement are as defined in the Issue of Equity and TVR announcement made on 30 August 2016 with the RNS number: 4351I unless the context otherwise requires.

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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