Business
Sudan Update, Convertible Bond & Cancel of options
Sudan Update, Convertible Bond & Cancel of options.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 1747P Regency Mines PLC 27 September 2013 \n\nRegency Mines Plc\n(\"Regency\" or the \"Company\")\nConvertible Bond Conversion \nOptions Cancellation\nSudan Update\n27 September 2013\nRegency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia and Papua New Guinea announces that YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), has converted £250,000 in unsecured Convertible Bonds 2014 into 42,700,730 ordinary shares of 0.1 pence each (\"Shares\") in the Company under the terms of the Convertible Bond Instrument (\"Convertible\") as announced on 9 September 2013, at a price of £0.0058547 per Share. \n \nFollowing the Subscription, the Company's total issued ordinary share capital will be 1,191,049,883 ordinary shares of 0.1p. Application has been made to the London Stock Exchange for the 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 3 October 2013.\n \nSimultaneously, the Company announces that it will not issue 20,000,000 in options, as announced on 29 January 2013, that had been intended for issuance to key staff and project managers. The Company's Board meanwhile has agreed to waive 40,000,000 options issued at between £0.015 and £0.045, also announced on 29 January 2013. These actions collectively nullify the entirety of the 60,000,000 options that had been announced on that date. \n \nAdditionally, Regency Mines plans to begin its next exploration trip to Sudan in late October 2013 as part of its on-going agromineral exploration efforts. A team led by Regency geologists will be mobilised to Sudan and plans to spend four weeks on site carrying out preliminary phosphate exploration work. The primary goals of the expedition are to reduce the target size by further understanding the geological sequences, generate phosphate anomalies and to discover phosphate occurrences within the IMRAS held Jebel Abyad concession. \n \nThe company originally planned to conduct these activities in late September, but has decided to postpone the trip until after the Eid celebrations as a result of the recent unrest reported i...