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Regency brings new funds into US coal business, more required

Regency's ongoing restructuring programme continues apace

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Omega Holdings operates coal assets in the USA

After some delay, Regency Mines PLC (LON:RGM) has managed to secure an investment into its US coal business, Mining Equity Trust.

Following the US$750,000 investment into MET by investment company Carraigbarre Capital Ltd, Regency will hold a 25.84% stake in MET.

WATCH: Regency Mines bring new talent on board

CCL will become a 45.02% shareholder in MET, with a board seat.

Legacy Hill Resources will remain the operator of Omega Holdings, which owns the coal projects.

The new money will partially recapitalise MET, but more funding is required.

“Both existing partners including Regency have agreed to the reduction in their respective stakes to facilitate this third partner with a view to beginning to realise the promise that attracted them to this investment originally,” said Regency chief executive Scott Kainz. 

 

 

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