CORCEL PLC — Capital/Financing Update 2013

Aug 20, 2013

National Storage Mechanism | Additional information

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RNS Number : 0425M

Regency Mines PLC

19 August 2013

Regency Mines Plc

("Regency" or the "Company")

Issue of Convertible Note

19 August 2013

Regency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia and Papua New Guinea announces that  it has issued an unsecured convertible loan note of £177,000 ("Convertible Note") to YA Global Master SPV, Ltd ("YA Global"), which is advised by Yorkville Advisors LLC ("Yorkville"). 

The note carries interest of 10% per annum, and is convertible into ordinary shares at the option of YA Global until 19 August 2014, after which the loan notes become repayable.  The price of conversion will be determined by a formula equal to 97% of the six lowest daily volume weighted average prices during 12 consecutive trading days beginning on the first trading day immediately following the delivery of a notice of conversion by the bondholder. 

The proceeds of the Convertible Note will be applied towards debt reduction for the Company.  Following the issue of the loan note, the balance owed to YA Global under pre-existing loan agreements amounts to US$552,199. This carries interest at 12% and is repayable in tranches over the next twelve months.

Enquiries:

Andrew Bell 020 7747 9990 or 07766 474849	Chairman Regency Mines plc
Sandra Spencer 020 7747 9990 or 07757 660 798	Investor Relations Regency Mines plc
Colin Aaronson / David Hignell 020 7383 5100	NOMAD Grant Thornton UK LLP
Nick Emerson  01483 413500	Broker SI Capital Ltd.

This information is provided by RNS

The company news service from the London Stock Exchange

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