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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.

Quick facts: Regency Mines PLC

Price: 0.0375 GBX

LSE:RGM
Market: LSE
Market Cap: £568.84 k
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Regency Mines putting foundations in place for 'development and value'

Regency Mines PLC's (LON:RGM) Scott Kaintz and Ewen Ainsworth join Proactive's Andrew Scott in the London studio to discuss the recent refinancing of the firm's debt facility as well as the findings of the strategic review. Regency's refinanced US$1.254mln worth of loan notes through to July...

on 1/8/19

2 min read