19th Jun 2020 17:15
Regency Mines PLC - battery metals company - Flexible Grid Solutions division has acquired a 50% interest in Weirs Drove Development Ltd, a developer of energy storage and solar projects in the UK, for GBP25,000 in cash. Regency Mines' Flexible Grid Solutions division has agreed to lend a further GBP100,000 upon the first Weirs energy storage project reaching "shovel ready" status, repayable at financial close of the Burwell project - expected later in 2020. In addition, Regency Mines has undertaken fundraising of GBP210,000 via 21.0 million shares issue at GBP0.01, a 5.3% premium to the closing bid price. Current Weirs shareholders subscribed for GBP30,000 of new shares in Regency Mines. A total of 21.0 million three-year warrants have been issued to investors at an exercise price of GBP0.016 per share, a 68% premium to the closing bid price on Thursday. Regency Mines issued 1.0 million shares to a service provider in association with this transaction.
Current stock price: 1.02 pence
Year-to-date change: down 67%
By Evelina Grecenko; [email protected]
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