Regency Mines Plc Has Completed Acquisition of 5% Interest in Oil Prospect
Regency Mines Plc, the natural resource development and investment Company with interests in oil and mineral exploration, announces that further to the announcement of 22 February 2016, the Company has now completed the acquisition of a 5% interest in Horse Hill Development Ltd from Angus Energy PLC for a consideration of £400,000.
In connection with the completion, 54,236,919 new ordinary shares are being issued to Angus at a price of 0.325 pence per share. In addition, 17,898,183 options exercisable into Regency shares at a price of 0.39p within eighteen months of the day of grant have now been granted to Angus.
Application is being made for 54,236,919 new ordinary shares, which when issued will rank pari passu in all respects with the existing ordinary shares, to be admitted to trading on AIM. Admission is expected on or around 26 February 2016.
Following the issue of the 54,236,919 new ordinary shares to Angus, the enlarged issued share capital of the Company consists of 181,394,380 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 181,394,380 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
As previously announced, following the issue of the 54,236,919 ordinary shares, Angus is interested in 29.9% of the enlarged issued share capital of Regency.