Business
Business update and strategic financing
Business update and strategic financing.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 5517B Regency Mines PLC 11 January 2018 \n\nRegency Mines PLC\n(\"Regency\" or the \"Company\")\n \nBusiness Update, Strategic Financing and Director Participation\n \n11 January 2018 \n \nRegency Mines Plc (LON: RGM) is pleased to announce a business update, strategic financing and confirmation of director participation.\n \nHighlights:\n· Regency to rebrand its nickel/cobalt and related assets as a battery metals function in recognition of the Company's position in these mineral resources to be used in EV batteries and related energy technologies;\n \n· Operations at Mambare, the Company's major nickel/cobalt project, to be accelerated;\n \n· Advanced due diligence and discussions underway to expand the Company's coal footprint within its hydrocarbon energy function;\n \n· Strategic financing undertaken at 0.55p, the current market bid price, to raise £1,050,000 through the issue of 190,909,090 new ordinary shares of 0.01 pence each (\"Shares\")\n \n· Uses of funds to include repayment in full of convertible loan at cost of c£630,000 leaving Regency balance sheet free of debt;\n \n· Directors Andrew Bell and Scott Kaintz to invest an aggregate £100,000 cash in the strategic financing to acquire 18,181,818 Shares;\n \n· Each Share issued in the financing comes with a warrant to subscribe for a further share at 1.0p, with the Company able to accelerate warrant conversion in the event that the volume weighted average price of Shares equals or exceeds 3.5p for ten consecutive business days;\n \nAndrew Bell, Chairman, comments: \"Regency Mines faces a significant opportunity in the fast-evolving battery metals sector. We intend to focus on the nickel/cobalt sector, while still proactively developing our hydrocarbon and coal interests with a view to achieving early cash flow. We believe we can find value creation opportunities for shareholders as EV battery and power storage demand see advances in battery technology and this leads to changes in the pattern of demand for key metals.\nThe new capital raised in this funding will enable the Company to repay in its entirety the convertible loan from YA II PN...