Business
Issue of Convertible Note
Issue of Convertible Note.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 1006U Regency Mines PLC 27 November 2013 \n \n\nRegency Mines Plc\n(\"Regency\" or the \"Company\")\nIssue of Convertible Note\n27 November 2013\nRegency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan announces that it has issued an unsecured convertible loan note of £250,000 (\"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 25 November 2014, after which the loan notes become repayable. The price of conversion will be determined by the lower of 1p or 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 care and maintenance costs in Papua New Guinea, exploration activities in Sudan, and working capital for the Company. £54,319.67 will be utilized to reduce outstanding debt owed under a pre-existing arrangement with YA Global. These obligations have been refinanced out into Q3 2014. \n \nEnquiries:\n\n\n\n\nAndrew Bell 020 7747 9960 or 07766 474849\n\n\nChairman 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\nGuy Wheatley 02073828416\nRupert Trefgarne 02031288817\n\n\nBroker SI Capital Ltd\nJoint Broker Beaufort Securities Ltd\nMedia Relations MHP Communications\n\n\n\n\n\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 MSCNKODPQBDDODB\n ","length":4529,"tagName":"div"}]