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Regency Mines: RAM raises A$1.5mln for exploration

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Regency Mines’ (LON:RGM) associate RAM Resources has raised A$1.5mln of new funding to pay for exploration programmes at the Fraser Range and Fraser Range North projects.

The plan is to carry out ground electromagnetic studies to prioritise targets ahead of RC and diamond drilling.

Through the placing, which is being arranged by Aussie broker Hartleys, RAM will issue 187.5mln new shares priced at 0.8 cents.

AIM quoted Regency will take part in the placing, by converting a portion of its 20% in the Fraser Range project.

"We have given notice of exercise in respect of 6.5% of our carried interest of 20% in the Fraser Range Project, leaving us with a 13.5% carried interest, and broadly maintaining our current shareholding level,” Regency chairman Andrew Bell.

Bell sees Hartleys participation, in conducting the placing, as a positive. He says it is “sign of confidence” in the project and RAM’s management.

“We hope to see a deeper and broader shareholder base at Ram and more research coverage as this highly regarded resources specialist broker engages with and supports the Ram board," he adds.

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Price: 0.035 GBX

LSE:RGM
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Market Cap: £530.91 k
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