29th Sep 2014 08:47
LONDON (Alliance News) - Regency Mines PLC shares were down on Monday after the company launched a discounted share placement, issuing a total of 103.8 million shares at an average of 0.431 pence per share
The natural resources group placed 50 million shares with institutional and private investors at 0.4 pence per share and 41.9 million as part of a standby equity distribution agreement with YA Global Masters SPV Ltd at 0.4772625 pence per share.
Shares in the company were down 11% to 0.426 pence on Monday.
The two issues raised a total of GBP400,000, to be used to back exploration activity at its phosphate and potash project in Sudan and its US and UK investments.
In addition, the company has raised GBP47,700 by issuing 11.9 million shares at 0.4 pence per share to pay for services provided to the company.
"Following the company's recent investments in oil and gas, we are now in a stronger position than we have been for some time and took the opportunity to consolidate this progress as we continue to await further developments at Horse Hill and in the US," said Andrew Bell, chairman of Regency.
By Sam Unsted; [email protected]; @SamUAtAlliance
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