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Regency Mines green lights next phase of Sudan farm-in

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Regency Mines (LON:RGM) has green-lighted the next stage of its phased farm-in to a potash exploration project in Sudan.

The company has, within the terms of the August 2012 agreement, now decided there has been sufficient progress on outstanding obligations of the licence and the ability to progress towards a mining licence.

Regency will now make a second share-based payment to its partner International Mineral Resources (Agrominerals Sudan), or IMRAS for short.

As such 18mln new Regency shares will be issued to IMRAS at a price of 0.52p each, also a further 2mln new shares will be issued to the vendors.

Quick facts: Regency Mines PLC

Price: 1.1 GBX

LSE:RGM
Market: LSE
Market Cap: £987.98 k
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