Business
Issue of Equity and Update on Loan Agreement
Issue of Equity and Update on Loan Agreement.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 2426W Regency Mines PLC 15 April 2019 \n\nRegency Mines PLC\n(\"Regency\" or the \"Company\")\n \nIssue of Equity and Update on Loan Agreement \n \n15 April 2019 \nRegency Mines Plc (\"Regency\" or the \"Company\"), the natural resource exploration and development company with interests in coal, energy storage, natural gas and battery metals announces the completion of a £240,000 placing via its Broker, First Equity Limited, as well as an update on its current borrowings.\nHighlights:\no £240,000 (gross) raised at £0.0006 per share\no Attached 24 month 1 for 1 warrants exercisable at £0.001\no Funding to be used to provide funding during the strategic review of operations \no 6 months lock up agreed in respect of a total of 218,400,146 shares converted on 15 March and 25 March 2019 under loan arrangements\no Delayed loan repayments beginning July 2019\nScott Kaintz, Director, comments: \"After several months of disruptions, this placing, alongside significant modifications to our loan facility and associated lock-ups, put the Company on an even keel and allow it move forward in its process of conducting a strategic review of its operations. We will commence a detailed analysis of our assets and overarching strategy, and we expect to announce additional board members during this period. We appreciate the support of many long-standing Regency investors and stakeholders as we continue to move the business onward.\" \nEquity Placing\nRegency has raised £240,000 by way of a placing of 399,999,998 new ordinary shares of 0.01 pence each (\"Shares\") in the Company at a price of £0.0006 per Share with 1 for 1 warrants exercisable at a price of £0.001 per Share for twenty-four months (\"April 2021 Warrants\")(together the \"Placing\"). \nEach warrant will include an accelerated exercise condition (\"Accelerator\") such that in the event the Company's volume weighted average share price exceeds £0.005 for a period of ten consecutive trading days, the Company shall have the right, but not the obligation, to give holders of the warrants 14 calendar days' notice that the warrants must be exercised within a further 14 calendar days, following which they will otherwise expire. \nAs part of the Placing, £20,000 worth of Shares have been issued to R...