logo-loader
viewRegency Mines PLC

Regency Mines' sale of Fraser West stake moves on

australia_350_5256b2bc18c84.jpg

Regency Mines (LON:RGM) has moved a step closer to selling a stake in the Fraser West project in Australia to Ram Resources (ASX:RMR).

Ram shareholders, on October 8, approved all resolutions associated with the sale, including a A$1.5mln fundraise and a 30:1 share consolidation of Ram's capital, Regency said.

As reported at the end of July, the fundraising sees five billion Ram shares issued at A$0.0003 each.

Fraser West, which is prospective for gold and base metals, consists of three tenements with an area of 271 sq km.

Ram will acquire a further 70% of the tenements - to take its holding to 80% -  while Regency will take a 19.9% stake in Ram though the issue of new shares.

The initial share consideration to Regency of 19.9% of the enlarged outstanding capital of Ram will be worked out based on the total issued capital of Ram following the placing.

Quick facts: Regency Mines PLC

Price: 0.0375 GBX

LSE:RGM
Market: LSE
Market Cap: £568.84 k
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Regency Mines PLC named herein, including the promotion by the Company of Regency Mines PLC in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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