Regency Mines refinances loan facility out to 2024
Source - SMW
Regency Mines said it had refinanced a loan facility over a five-year period through July 2024.
The loan notes, totalling about $1.25m, included a 4.5% implementation fee, which had been added to the outstanding principal.
They carried interest of 10% per annum and incurred a 2% fee upon repayment.
Regency Mines said it hadagreed to make an initial minimum payment of the lower of 10% or $65k by way of a fundraising or issuance of securities 'that the company may undertake from time to time'.
'The refinancing of our existing loan note obligations over a five-year period is a key step in putting Regency on a sustainable development pathway,' chief executive Scott Kaintz said.
'With a reasonable repayment holiday and much reduced annual payment requirements over the next several years, the company now has the debt schedule it needs to return its focus to developing its project portfolio.'
'The board looks forward to announcing the results of the strategic review of business operations in the near term with a full update on its projects and investments.'
At 9:11am: (LON:RGM) Regency Mines PLC share price was 0p at 0.06p