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Regency Mines' sale of Fraser West stake moves on

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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: 0.9 GBX

LSE:RGM
Market: LSE
Market Cap: £1.71 m
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