Regency Mines PLC Proposed fundraise through Teathers App (7230C)

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

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January 24, 2018 02:00 ET (07:00 GMT)