Business
Full Repayment of Convertible Loan
Full Repayment of Convertible Loan.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 3163D Regency Mines PLC 30 January 2018 \n\nRegency Mines PLC\n(\"Regency\" or the \"Company\")\n \nFull Repayment of Convertible Loan\n \n30 January 2018 \nRegency Mines Plc (LON: RGM), the natural resource exploration and development company with interests in battery metals and storage technologies as well as hydrocarbons announces, further to its announcement of 11 January 2018 that it has repaid in full its outstanding convertible loan with YA II PN, Ltd (\"YA\"). \nOf the original principal of $1,000,000, the final pay-out as of 26 January 18 was $835,115. This includes $725,647 of principal as well as $33,548 of accrued interest and a reduced pre-payment fee of 10%. \nFollowing this repayment Regency will have completed its deleveraging process and will have no financial debt on its balance sheet. \nAndrew Bell, Chairman, comments: \"Regency entered into this convertible loan structure to refinance an existing facility and to fund expansion of its operations in early 2017. During the life of the loan no conversion into Regency shares took place due to judicious management of the instrument and a reduction in the amounts outstanding. Regency has now transferred the funds required to pay off this facility in whole, and now finds itself debt free for the first time since 2011. As such, we have completed the initial repositioning of the business, laying the foundations for further development of our interests in battery metals, metallurgical coal and coal bed methane. We remain excited about our prospects in these areas for 2018 and will update the markets in due course.\" \nFor further information, please contact: \nAndrew Bell 0207 747 9960 Chairman Regency Mines Plc\nScott Kaintz 0207 747 9960 &nb...