Sale of Ram Resources Shares

RNS Number : 6795K

Regency Mines PLC

26 June 2014

 

REGENCY MINES PLC

("Regency" or the "Company")

Sale of Ram Resources Shares

26 June 2014

Regency Mines Plc ("Regency" or the "Company"), the mining exploration and mineral investment company with interests in nickel and other minerals in Australia, Papua New Guinea and Sudan, reports that it has sold a part of its holdings in Ram Resources Ltd (ASX:RMR) ("Ram").

50,000,000 shares were sold at a price of 0.9 cents per share for gross proceeds of AUD 450,000. Following the sale, Regency holds 45,396,768 Ram shares or 7.35% of the issued share capital of Ram. The Company does not currently intend to sell any additional shares and it has entered into a voluntary six month escrow for the remaining shareholding.  

The proceeds of the sale will be used towards debt repayment and for working capital purposes.

Andrew Bell, Chairman, comments:"This sale of Ram shares partly monetises our interest in the Fraser Range tenements in Australia. We still retain a significant upside and continue to be strong supporters of Ram. The Company expects to receive a further 35,000,000 Ram shares, which are due on conversion of 5.6% of Regency's carried interest in the Fraser Range tenements, notice for which has already been given as announced on 14^th April." 

For further information contact:

Andrew Bell0207 747 9960 or 0776 647 4849                Chairman Regency Mines Plc

Colin Aaronson / David Hignell / Edward Thomas        NOMAD Grant Thornton UK LLP

0207 383 5100           

Nick Emerson01483 413500                                           Broker SI Capital Ltd.

Saif Janjua0207 382 8416                                               Joint Broker Beaufort Securities Ltd

Rupert Trefgarne0203 128 8817                                     Media Relations MHP Communications

 

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