Business
Placement of Shares
Placement of Shares.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 8415O Regency Mines PLC 12 August 2014 \n \n\nRegency Mines Plc\n(\"Regency\" or the \"Company\")\nPlacement of Shares\n12th August 2014\nRegency Mines is pleased to announce that it has raised £327,100 by way of a placing of 116,821,500 new ordinary shares and convertible placing shares of 0.1 pence each (\"Shares\" and \"Convertible Placing Shares\") in the Company with institutional and private investors, at a price of £0.0028 per Share (the \"Placing\"). \n \nThe proceeds of the Placing will be applied to oil and gas exploration at the Horse Hill well in Surrey, and for working capital purposes. \n \nThe Shares will be issued in two tranches, with the first tranche comprising 60,500,063 Shares, and the second tranche of 56,321,437 Shares being issued conditional on shareholder approval being obtained for the issue of those Shares at a General Meeting which is expected to be held on or around 29 August 2014. Notice of the General Meeting will be sent to the Company's shareholders shortly. Of the first tranche, 47,607,188 Shares will be Shares arising from the conversion of 47,607,188 Convertible Placing Shares of the Company.\n \nApplication has been made to the London Stock Exchange for the first tranche of new Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 19th August 2014.\n \nFollowing the Placing, the Company's total issued ordinary share capital will consist of 1,592,224,234 Ordinary Shares with voting rights. No Ordinary Shares are held in treasury.\n \nThe above figure of 1,592,224,234 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FSA's Disclosure and Transparency Rules.\n \nChairman Andrew Bell states: \"The market has been expecting a placing of shares to fund our investment in the Horse Hill-1 well in Surrey which is expected to spud shortly. We felt that this expectation was holding us back and that it was best to eliminate any uncertainty by funding now. Our holdings in Ram Resources in Australia and in Alba Mineral Resources plc continue to perform well and are poten...