Regency Mines raises new cash in share placing
24 November 2009
Regency Mines, the mining group with copper and nickel interests in Western Australia, Queensland and Papua New Guinea, today raised £200,000 in two separate share deals.
The first involved a £100,000 subscription at 1.923p per share through its standby equity distribution agreement with YA Global, which is advised by Yorkville Advisors. The second was a straightforward share issuance at the same price.
Today’s deals were priced just short of the 2.0p per share fundraising the company pulled of in October, which also netted it £200,000.
That move followed a similar deal at the end of September when Regency issued shares to YA Global at a price of 2.12p per share. At the same time, Red Rock Resources, where Regency holds a 29.22% stake, also subscribed for shares at 2.12p. Together, those deals raised £168,971 to fund Regency’s working capital needs.
In September the company said the latest test results from its Botue-Mambare Nickel Exploration Project in Papua New Guinea were highly encouraging and justified an acceleration in the pace of exploration of the property.
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