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Regency Mines cuts losses on forays into US coal and Tesla rentals

Shareholders will vote on Monday on the group's fundraising, debt restructuring, share consolidation and board change proposals

Regency Mines PLC -
Steel hardener vanadium is one of its cores going forward

Regency Mines PLC (LON:RGM) has reported a full-year loss of £2.7mln after its legacy interests in coal and electric car rentals were written-off in the period.

Impairments of £1.5mln in the year to June largely comprised its investment in Mining Equity Trust (2018: £1.55mln loss).      

Earlier this month, former Sound Energy chief executive James Parsons unveiled a financial restructuring and plan to refocus the company around the Mambare nickel-cobalt project, the Dempster Vanadium project, and intervention power supplier Allied Energy Services.

Shareholders will vote on Monday on these fundraising, debt restructuring, share consolidation and board change proposals.

If approved, Regency’s debts will be slashed and Parsons appointed executive chairman.

Quick facts: Regency Mines PLC

Price: 2.7136 GBX

LSE:RGM
Market: LSE
Market Cap: £2.44 m
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Full interview: Regency Mines 'in the right place at the right time and with...

Regency Mines PLC's (LON:RGM) chief executive Scott Kaintz updates Proactive London's Andrew Scott on the firm's recent developments with its projects and board changes including the hiring of James Parsons as executive chairman. ''We come into work with a bit of a chip on our shoulders'',...

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