Regency Mines (LON:RGM) this afternoon announced the issue of a £250,000 loan note to Yorkville Advisors’ YA Global Masters fund.
The loan carries interest of 10% per year and can be converted into shares, at Yorkville’s option until September 2014.
The AIM quoted group says the money will be used to fund exploration on its potash project in Sudan, as well as for working capital.
Regency also confirmed that a vote will be held by Ram Resources shareholders on October 8 over the Aussie miner’s proposed acquisition of Regency’s interest in the Fraser Range project.
