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Regency Mines issues loan notes to Yorkville

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Regency Mines (LON:RGM) has topped up its cash resources with the issue of £177,000 of convertible loan notes to Yorkville Advisors’ Global Master fund.

The notes carry 10% interest and can be converted into ordinary shares within the next twelve months.

Regency explained that the conversion price will be calculated according to a formula, equal to 97% of the six lowest daily volume weighted average prices during 12 consecutive trading once a conversion notice has been made.

The money will go toward debt repayment. Subsequently, Regency will have issued loan notes of up to US$552,199 to the fund.

Regency’s recent focus has been on potash interests in Sudan. Last week Regency made its 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).

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

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