Sale of Remaining Interest in Horse Hill Completed

RNS Number : 8963X

Regency Mines PLC

29 November 2017

 

Regency Mines Plc

("Regency" or "the Company")

Completion of Sale of Remaining Interest in Horse Hill Discovery and Licenses, Weald Basin, UK

29 November 2017

Regency Mines Plc, the natural resource company with interests in hydrocarbons and base metals, announces, further to its announcement of 18 October 2017 ("previous announcement"), that it has completed the sale of its remaining interest, comprising 31 shares (3.1%) and associated shareholder loans, in Horse Hill Developments Limited (the "Sale Interest").

Regency has received half the consideration of £630,000 in cash and half in the form of 74,733,096 ordinary shares in Alba Mineral Resources plc ("Alba"), Alba having exercised its right to settle such amount by the issue of its shares. Regency will hold these shares as a current asset held for disposal with the funds deployed as per the previous announcement.

The Sale Interest was carried in Regency's books at £464,688 at the time of the original announcement, being the figure appearing in the audited balance sheet as at 30 June 2016. The carrying value of the Sale Interest is £630,000 in the audited balance sheet as at 30 June 2017. 

The shareholding of the Company in the enlarged issued share capital of Alba Mineral Resources plc following the transaction will be approximately 3.32%.

Alba Mineral Resources plc (AIM:ALBA) is a mineral resources company listed on the AIM market of the London Stock Exchange. Its oil and gas holdings comprise an 18.1% shareholding in Horse Hill Developments Ltd, the company which has a 65 per cent participating interest and operatorship of the Horse Hill oil and gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin, and a 5% direct interest in Production Licence 235, which comprises the previously producing onshore Brockham Oil Field.

Its mineral exploration holdings include a 90% interest in the Amitsoq Graphite Project in Southern Greenland with an option over the remaining 10%, the Black Sands ilmenite project in North-West Greenland, and other licenses in Greenland, Ireland, and Mauritania.

In its final results for the year ended 30 November, 2016 Alba disclosed total equity of £3,779,811 and a net loss of £425,562.

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

For further information 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 020 7374 2212                                                    Broker First Equity Limited

 

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