Business
Loan Conversion
Loan Conversion.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 9266T Regency Mines PLC 25 March 2019 \n\nRegency Mines PLC\n \n \n(\"Regency\" or the \"Company\")\nLoan Conversion\n25 March 2019 \nRegency Mines Plc (LON: RGM) the natural resource exploration and development company with interests in hydrocarbons, energy storage and battery metals announces that it has received notice from YA II PN Ltd and Riverfort Global Capital Ltd. of the partial conversion of $117,138.36 (£88,287.18) of its outstanding $1,115,000 (£840,375.50) loan note originally announced on 6 June 2018 and then refinanced on 14 January 2019. \n \nThe Company has in consequence issued 121,107,242 new ordinary shares of 0.01p each (\"Ordinary Shares\") in the Company at a price of 0.0729 pence. This price has been calculated under the terms in effect from the original agreement following an initial six-month period where conversion occurs on the basis of an amount equal to 90% of the lowest daily VWAP over the five trading days immediately preceding the conversion notice being submitted.\n \nYA II PN Ltd and Riverfort Global Capital Ltd. have agreed in principle to a hold period on the converted shares. The parties are in discussion on the conditions of such a hold period. While there can be no guarantee of agreement, the investors have no current intention of selling their stock, or of making any further conversion. \n \nAdmission to trading on AIM and Total Voting Rights (TVR)\nApplication has been made for 121,107,242 new Ordinary Shares to be admitted to trading on AIM, which will rank pari passu with the Company's existing issued Ordinary Shares. Dealings are expected to commence at 8.00 a.m. on or around 29March 2019. The new Ordinary Shares are being issued pursuant the authority provided by Resolution 5 passed at the Annual General Meeting on 29 December 2017 and in effect at the time the Company entered into the obligation. As of the conclusion of this issuance the Company will have exhausted the balance of its 2018 authorities. \nTotal Voting Rights (TVR)\nFollowing the issue of the 121,107,242 new Ordinary Shares, the issued share capital of the Company consists of 1,095,654,161 Ordinary Shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.\nThe above figure of 1,095,654,161 may be...