Business
Subsidiary EsTeq - investment and key manager
Subsidiary EsTeq - investment and key manager.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 2479A Regency Mines PLC 22 December 2017 \n\nRegency Mines Plc\n \n(\"Regency\" or \"the Company\")\n \nSubsidiary EsTeq Ltd Makes Investment \nAnd Appoints Key Manager\n \n22 December 2017\n \nFurther to the announcement of 14 November 2017, Regency Mines Plc, the natural resource exploration and development company with interests in nickel/cobalt and hydrocarbons, announces that its wholly owned subsidiary, (\"EsTeq\") has agreed terms for an investment in the battery storage and technology space. In a separate development, Regency announces that Joseph Jayaraj has been invited to join the EsTeq board. \nInvestment Highlights:\n \no EsTeq to invest £200,000 initially in White Car Ltd. (\"White Car\")(www.white.car) a company currently operating white Tesla rental car services out of Heathrow and several UK locations (\"Initial Investment\")\no Following the Initial Investment, and conditional on White Car successfully closing a Crowdcube funding of at least £650,000, EsTeq will subscribe a further £200,000 in February 2018\no Initial Investment will give EsTeq 3.3% of Whitecar, and should the full £400,000 be subscribed, EsTeq will hold up to 5.8% of White Car\no Regency director Scott Kaintz to join White Car board\n \nEsTeq Board Appointment Highlights:\n \no Joseph Jayaraj appointed to EsTeq board to focus on strategy and business development, as well as negotiation and implementation \no Former Head of Environmental Assets at Macquarie Group and 2IC of RAB Special Situations Fund\n \nAndrew Bell, Chairman, comments: \"Regency has a presence in nickel and cobalt through its large Mineral Resource at Mambare. These metals are two of the key electric car battery and battery storage metals, and we need to increase our understanding of this driver of the now recovering nickel market. If we are to understand trends, understand the technology, understand where the value is being created, and adapt, we have to dive deep into the technologies and uses of this changing marketplace. EsTeq was established to enable Regency through a small independently managed business to engage with the battery development ecosystem in ways that will directly support our nickel/cobalt operations and development. In White Car, exceptionally, we ha...