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Regency Mines raises £649,000 in placing

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Regency Mines PLC (LON:RGM), placed 59 million shares 1.1 pence each for a subscription amount of £649,000 before expenses, and the money will be used for general working capital purposes.

The mining exploration and mineral investment company with interests in copper and nickel in Western Australia, Queensland, and Papua New Guinea said Red Rock Resources PLC (LON:RRR), in which Regency chairman Andrew Bell and non-executive director John Watkins hold the same respective positions, subscribed for 12.5 million of these new shares.

Following the subscription, Red Rock will be interested in 17.9 million Regency shares, which is approximately 3.68 percent of the enlarged capital.

Regency in turn owns almost 30 percent of Red Rock.

Quick facts: Regency Mines PLC

Price: 3 GBX

LSE:RGM
Market: LSE
Market Cap: £2.68 m
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on 1/8/19

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