Business
Placement of Shares and TVR
Placement of Shares and TVR.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 7206R Regency Mines PLC 10 March 2016 \n\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\nPlacement of Shares and TVR\n \n10 March 2016\n \nRegency Mines PLC, the natural resource development and investment company with interests in oil and mineral exploration, announces that it has raised £400,000 by way of a placement of 66,666,667 new ordinary shares of 0.01 pence each (\"Shares\") in the Company with institutional investors, at a price of 0.6p per Share (the \"Placement\"), conditional on admission of the Shares to trading on AIM (\"Admission\"). \nAdditionally, for every three Shares subscribed for, one warrant will be issued to every subscriber for a total of 22,222,222 warrants (\"Warrants\") giving rights to subscribe for new ordinary shares in the Company. \nThe proceeds of the Placement will be applied to oil activities, and for working capital purposes.\nApplication has been made to the London Stock Exchange for Admission of the Shares, 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 16 March 2016.\nFollowing the Placement, the Company's total issued ordinary share capital will consist of 248,061,047 Shares with voting rights. No Shares are held in treasury.\nThe above figure of 248,061,047 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 FCA's Disclosure and Transparency Rules.\nThe Warrants, which will be unlisted and non-transferable, will be exercisable on the following three dates: 1 July 2016, at an exercise price of 0.78p; 1 November 2016, at an exercise price of 1p; and 1 February 2017 (the \"Final Exercise Date\") at an exercise price of 1.2p. If any of the Warrants remain unexercised on the Final Exercise Date, they will expire.\nThe closing mid price of Regency on the AIM Market on 8th March 2016 was 0.775p per ordinary share. \nAndrew Bell, Chairman, states: \"Our participation in the Horse Hill project will continue to require funding, and we continue to seek onshore oil projects capable of generating cash flow. Overhead costs have been reduced to a minimal amount as we focus on increas...