Regency Mines PLC Proposed fundraise through Teathers App (7230C)
January 24 2018 - 2:00AM
UK Regulatory
TIDMRGM
RNS Number : 7230C
Regency Mines PLC
24 January 2018
REGENCY MINES PLC
("Regency Mines" or the "Company")
Proposed Fundraise Through Teathers App
24 January 2018
Regency Mines announces that it proposes to raise GBP100,000
(the "proposed fundraise") through the Teathers mobile application
(the "Teathers App"). This will involve the issue of up to
18,181,818 new ordinary shares of 0.01p each at a price of 0.55p
per ordinary share on the same terms as described in the "Business
Update, Strategic Financing and Director Participation"
announcement of 11 January 2018, together with 1 for 1 warrants
exercisable at a price of 1p for twenty-four months. The warrants
have an accelerator for conversion in that the company can compel
conversion of the warrants within the exercise period in the event
that the volume weighted average price of Shares equals or exceeds
3.5p for ten consecutive business days. Only onboarded users of the
Teathers App will be able to participate in the proposed
fundraise.
The proposed fundraise will commence at 0800 Wednesday 24
January and will close at 0800 on Monday 29 January 2018 unless
closed earlier.
Note that any applications may be subject to scale back. If this
occurs it will be applied pro rata on the basis of application
size. The Company also reserves the right to increase the size of
the raise in the event of over-subscription.
Andrew Bell, Regency Chairman, states: "Twice before we have
given an opportunity for qualified shareholders and investors to
participate through the Teathers App on the same terms as a placing
conducted at that time. Once again we have been made aware of
significant demand that we should do this again, and we are pleased
to widen the opportunity for investor participation by a small
additional fundraise."
Background Information
Regency Mines is a natural resource exploration and development
company with interests in nickel/cobalt and hydrocarbons, and in
the production of metallurgical coal.
-- Regency is rebranding its nickel/cobalt and related assets as
a battery metals function in recognition of the Company's position
in these mineral resources to be used in EV batteries and related
energy technologies;
-- Operations at Mambare, the Company's major nickel/cobalt project, to be accelerated;
-- Advanced due diligence and discussions underway to expand the
Company's coal footprint within its hydrocarbon energy
function;
-- Strategic financing undertaken at 0.55p on 11 January 2018,
which raised GBP1,050,000 through the issue of 190,909,090 new
ordinary shares of 0.01 pence each ("Shares"); Each Share issued in
that financing came with a warrant to subscribe for a further share
at 1.0p, with the Company able to accelerate warrant conversion in
the event that the volume weighted average price of Shares equals
or exceeds 3.5p for ten consecutive business days;
-- Uses of funds to include general working capital and due diligence on US coal assets
-- Directors Andrew Bell and Scott Kaintz invested an aggregate
GBP100,000 cash in the strategic financing to acquire 18,181,818
Shares.
Background to the Teathers App
The Teathers App is a mobile application designed to give
qualified private investors access to placements & Initial
Public Offerings (IPOs), predominantly on the London Stock
Exchange's Alternative Investment Market (AIM).
The Teathers App is an execution only platform. When an
AIM-listed company raises money by private placement, "onboarded"
users of the Teathers App have the opportunity to participate in
the placement on the same terms as other investors. An "onboarded"
user of the Teathers App is one who has already opened a brokerage
account with Shard Capital. Shard Capital is the broker supporting
the Teathers App and provides the necessary environment, including
compliance oversight and client identification. Shard Capital is
regulated by the FCA.
The Teathers App is currently available in the App Store for iOS
devices. A version of the Teathers App will be released in Google
Play imminently.
For further information, please contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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