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Regency Mines refinances debt, reduces annual payment requirements

Regency's focus can now return to the development of its project portfolio, said chief executive Scott Kaintz

The new notes carry a coupon of 10%

Regency Mines PLC (LON:RGM) has refinanced US$1.254mln worth of loan notes through to July 2024.

The refinancing includes a 4.5% implementation fee which has been added to the outstanding principal.

WATCH: Regency Mines bring new talent on board

The new notes will carry interest of 10% per annum and incur a 2% fee upon repayment. 

Regency has committed to paying the noteholders at least 10% of the proceeds of any placing of shares or other capital raising transaction by way of securities. 

In addition, warrants to subscribe for 20mln shares at a subscription price of 0.25p per share, a premium of 257% to the latest closing price, will be issued to the loan note holders.

"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,” said Regency’s new chief executive Scott Kaintz. 

“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.”


Quick facts: Regency Mines PLC

Price: 0.75 GBX

Market: LSE
Market Cap: £1.26 m

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