viewRegency Mines PLC

Regency Mines to increase stake in Ram Resouces


Regency Mines (LON:RGM) said its associate company Ram Resources has completed its funding plan that will see 40.6mln Ram shares issued to Regency.

Ram raised A$1.5mln by placing 187.5m Ram shares at 0.8 cents a pop, with attached warrants on a 1 for 2 basis that may be exercised at 2.5 cents any time up to February 2017.

Ram shareholders also approved the issue of a second tranche of 157.5mln placing shares.

As previously announced, Ram’s share purchase plan (SPP) was 1.9 times subscribed, raising A$700,000 for the company. In response to this, Regency has exercised its right to convert part of its carried interest in the Fraser Range tenements at the 0.8 cents SPP price and at the rate of A$ 50,000 for each 1%, provided the effect of such conversion is not to breach takeover rules in Australia (which in this instance means remaining below a 20% holding in Ram).

At present, Regency has a 16.5% stake in Ram, but has given notice of conversion of a further 5.6% of its carried interest.

"Our strategy of placing our Fraser Range tenements in an Australian listed vehicle so that it could gain a local following and an autonomous funding capacity has been fulfilled and vindicated. We have now given notice of exercise in respect of 12.1% of our total carried interest of 20% in the Fraser Range Project, and expect to retain post all issues of Ram stock a 19.9% shareholding level," said Andrew Bell, chairman of Regency.

Quick facts: Regency Mines PLC

Price: 0.0375 GBX

Market: LSE
Market Cap: £568.84 k

Add related topics to MyProactive

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


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...



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