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Regency Mines PLC

Refinanced Loan Agreement

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RNS Number : 1850G
Regency Mines PLC
22 July 2019
 

Regency Mines PLC

 

 

("Regency" or the "Company")

Refinanced Loan Agreement

 

22 July 2019

Regency Mines Plc (LON: RGM) the natural resource exploration and development company with interests in energy storage, coal, natural gas and battery metals, announces a refinancing of its existing loan facility, first announced on 6 June 2018 and further updated on 14 January 2019 and 15 April 2019.

 

Highlights:

Loan notes refinanced over 5-year period through July 2024

Regular repayment holiday until January 2020

Warrants over 20,000,000 shares priced at 0.25p per share issued to lenders

Loan carries no conversion rights except in the case of default

 

The refinanced loan notes, totalling $1.254m including a 4.5% implementation fee which has been added to the outstanding principal, will be repaid over a period of five years, and will carry interest of 10% per annum and incur a 2% fee upon repayment. 

 

The Company has agreed to make an initial minimum payment of the lower of 10% or $65,000 by way of a fundraising or issuance of securities that the Company may undertake from time to time.  The Company has also committed to paying the Noteholders at least 10% of the proceeds of any placing of Shares or other capital raising transaction by way of securities. Regular payments will commence in 2020 and are to be paid on a quarterly basis until 2024. 

 

In addition, warrants to subscribe for 20,000,000 shares at a subscription price of 0.25p per share (being at a premium of 257% to the latest closing price on AIM of 0.07p) valid until July 2024 will be issued to the loan note holders.

 

Scott Kaintz, CEO, comments: "The refinancing of our existing loan note obligations over a five-year period is a key step in putting Regency on a sustainable development pathway.  With a reasonable repayment holiday and much reduced annual payment requirements over the next several years, the Company now has the debt schedule it needs to return its focus to developing its project portfolio.

The Board looks forward to announcing the results of the strategic review of business operations in the near term with a full update on its projects and investments."   

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information, please contact:

Scott Kaintz 020 7747 9960                                                        Chief Executive Regency Mines Plc

Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396        NOMAD Beaumont Cornish Limited

Jason Robertson 020 7374 2212                                                Broker First Equity Limited


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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