CORCEL PLC — Capital/Financing Update 2013

Nov 27, 2013

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RNS Number : 1006U

Regency Mines PLC

27 November 2013

Regency Mines Plc

("Regency" or the "Company")

Issue of Convertible Note

27 November 2013

Regency Mines, the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan announces that it has issued an unsecured convertible loan note of £250,000 ("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 25 November 2014, after which the loan notes become repayable.  The price of conversion will be determined by the lower of 1p or 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 care and maintenance costs in Papua New Guinea, exploration activities in Sudan, and working capital for the Company.  £54,319.67 will be utilized to reduce outstanding debt owed under a pre-existing arrangement with YA Global.  These obligations have been refinanced out into Q3 2014.    

Enquiries:

Andrew Bell 020 7747 9960 or 07766 474849	Chairman Regency Mines plc
Colin Aaronson/David Hignell 020 7383 5100	NOMAD Grant Thornton UK LLP
Nick Emerson 01483 413500 Guy Wheatley 02073828416 Rupert Trefgarne 02031288817	Broker SI Capital Ltd Joint Broker Beaufort Securities Ltd Media Relations MHP Communications

This information is provided by RNS

The company news service from the London Stock Exchange

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