Sale of interest

RNS Number : 1565D

Regency Mines PLC

22 October 2015

 

REGENCY MINES PLC

("Regency" or the "Company")

Sale of Interest

22 October 2015

The Company announces that it has sold the whole of its residual 4.23% interest in Alba Mineral Resources plc ("Alba") for net proceeds of £91,878. The interest comprises 29,715,006 Ordinary Shares in Alba which at the mid-market closing price on 21 October 2015 had a market value of £96,574. No dividends have been paid or declared on these shares. The sale represents a £17,861 surplus over book cost of £74,017. The proceeds will be held as cash and applied to working capital and other general purposes.

Andrew Bell, Chairman, states: "The main oil exploration asset of Alba we increasingly see as one that does not fit with the main criterion we set for our investment in oil projects, which was that they should be capable of generating near-term cash flow. We are in negotiations for investments capable of meeting this criterion, so it seemed an appropriate time to divest ourselves of this holding. Further announcements will be made."  

For further information, please contact:

Andrew Bell  0207 747 9960 or 0776 647 4849                        Chairman Regency Mines Plc

Roland Cornish/Rosalind Hill Abrahams 0207 628 3396       NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                             Broker Dowgate Capital Stockbrokers Ltd.

Christian Pickel 0203 128 8208                                              Media Relations MHP Communications

 

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