Business
Issue of Convertible Loan Note
Issue of Convertible Loan Note.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 0425M Regency Mines PLC 19 August 2013 \n \n\nRegency Mines Plc\n(\"Regency\" or the \"Company\")\nIssue of Convertible Note\n19 August 2013\nRegency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia and Papua New Guinea announces that it has issued an unsecured convertible loan note of £177,000 (\"Convertible Note\") to YA Global Master SPV, Ltd (\"YA Global\"), which is advised by Yorkville Advisors LLC (\"Yorkville\"). \n \nThe note carries interest of 10% per annum, and is convertible into ordinary shares at the option of YA Global until 19 August 2014, after which the loan notes become repayable. The price of conversion will be determined by a formula equal to 97% of the six lowest daily volume weighted average prices during 12 consecutive trading days beginning on the first trading day immediately following the delivery of a notice of conversion by the bondholder. \n \nThe proceeds of the Convertible Note will be applied towards debt reduction for the Company. Following the issue of the loan note, the balance owed to YA Global under pre-existing loan agreements amounts to US$552,199. This carries interest at 12% and is repayable in tranches over the next twelve months.\n \nEnquiries:\n\n\n\n\nAndrew Bell 020 7747 9990 or 07766 474849\n\n\nChairman Regency Mines plc\n\n\n\n\nSandra Spencer 020 7747 9990 or 07757 660 798 \n\n\nInvestor Relations Regency Mines plc\n\n\n\n\nColin Aaronson / David Hignell 020 7383 5100 \n\n\nNOMAD Grant Thornton UK LLP\n\n\n\n\nNick Emerson 01483 413500\n\n\nBroker SI Capital Ltd.\n\n\n\n\n \n \n \n \n \n \n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END IODFMGMRRLFGFZM\n ","length":4764,"tagName":"div"}]