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Regency Mines reduces stake in Ram Resources

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Regency Mines (LON:RGM) has reduced its stake in Aussie firm Ram Resources, raising A$450,000 in the process.

The company sold 50mln shares at 0.9 cents a share, reducing its stake to 45.4mln shares, or 7.35% of the issue ordinary share capital of Ram.

Regency said it has no intention at present to sell any more Ram shares, and has entered into a voluntary six month escrow for the remaining shareholding, which essentially parks the shares in a neutral location.

The proceeds of the sale will be used towards debt repayment and for working capital purposes.

"This sale of Ram shares partly monetises our interest in the Fraser Range tenements in Australia,” said Andrew Bell, chairman of Regency.

“We still retain a significant upside and continue to be strong supporters of Ram. The company expects to receive a further 35,000,000 Ram shares, which are due on conversion of 5.6% of Regency's carried interest in the Fraser Range tenements, notice for which has already been given as announced on 14th April," Bell added.

Shares in Regency rose 5.1% to 0.268p.

Quick facts: Regency Mines PLC

Price: 0.955 GBX

LSE:RGM
Market: LSE
Market Cap: £857.75 k
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