Regency Mines set for Sudan exploration trip


Regency Mines (LON:RGM) is planning a four week trip to Sudan beginning in late October as part of exploration efforts.

The firm has the option to explore four tenements for agro-minerals. Three are to the nortth and north-west of Khartoum, while the fourth is on the Red Sea coast.

"The company originally planned to conduct these activities in late September, but has decided to postpone the trip until after the Eid celebrations as a result of the recent unrest reported in Khartoum caused by the removal of fuel subsidies to Sudanese consumers," the firm said in a brief statement.

Earlier this month, the company reported the issue of a £250,000 loan note to Yorkville Advisors’ YA Global Masters fund.

The loan carried an interest of 10% per year and could be converted into shares, at Yorkville’s option until September 2014, which Regency has now converted at £0.0058547 a share, the firm said.

Regency also said it would not issue 20 million of options to key staff and project managers as was announced at the end of January, while the board has waived 40mln options, also announced on Jan 29.

"These actions collectively nullify the entirety of the 60,000,000 options that had been announced on that date," it said.

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