Disposal of Investment

RNS Number : 0347E

Regency Mines PLC

03 May 2013

 



Regency Mines Plc

("Regency" or the "Company")

Disposal of Investment

3 May 2013

Regency Mines plc announces that it has sold 23.6m shares in Oracle Coalfields plc (AIM: ORCP)("Oracle") for gross consideration of £270,042 and no longer has an interest in Oracle.  The proceeds of the disposal will be used to reduce indebtedness, to fund agromineral exploration activities in Sudan, and for working capital purposes.

Scott Kaintz, Director at Regency, comments:

"As promised we will continue to seek ways to propel our projects forward and deleverage the business, while avoiding excessive dilution at current price levels.  Our investment in Oracle had become non-core to the firm over time and we took the opportunity to divest this asset when market conditions allowed.  Our intention remains to be as creative and flexible as possible during exceptionally challenging market conditions." 

For further information contact:

Andrew Bell020 7402 4580 or 07766 474849                    Chairman Regency Mines plc

Sandra Spencer 020 7402 4580 or 07757 660 798            Investor Relations Regency Mines plc

Gerry Beaney / Daniela Amihood 020 7383 5100           NOMAD Grant Thornton Corp Finance

Nick Emerson 01483 413500                                             Broker Simple Investments Ltd

 

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