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Regency Mines makes first payment in Sudan option deal

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Regency Mines (LON:RGM) has made a first payment under its option agreement to farm into mineral licences in Sudan.

Enough progress has been made in the joint venture deal, which will see Regency earn up to 51% of International Mineral Resources (Agrominerals Sudan) Ltd (IMRAS), to merit a first payment to IMRAS, it said.

Regency has therefore issued 10mln shares to the firm at a deemed issue price of 0.52p. The shares now stand at 0.56p.

IMRAS owns 320,000 square kilometres of licences covering agrominerals and mineral licences in Sudan.

Six gypsum targets have been identified at surface but evidence of potassium-rich evaporites has been discovered in historic boreholes near to the licence area.

Earlier this month, broker Northland suggested the firm was likely to target the potash potential at its joint venture in Sudan, despite the recently volatility in the fertiliser’s price.

Quick facts: Regency Mines PLC

Price: 1 GBX

LSE:RGM
Market: LSE
Market Cap: £1.9 m
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