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Former Sound Energy boss to take control of Regency Mines

Outstanding promissory notes and convertible loans are also being restructured and exchanged

Sound Energy PLC -
Regency has nickel and cobalt potential

James Parsons, the former chief executive of Sound Energy PLC (LON:SOU) is to take over at Regency Mines PLC (LON:RGM) and help fund its push into battery metals.

A placing will raise £831,000 as a part of a refinancing of the business with C4 Energy, a new company part-controlled by Parsons also granted an option to acquire Regency's debt.

Outstanding promissory notes and convertible loans are being restructured and exchanged into new loans of £729,000 and shares equal to around 82% of the share capital.

The new loans will run for two years at an 8% coupon with no conversion rights for holders YA and Riverfort.

Red Rock Resources PLC (LON:RRR) will also receive shares in exchange for £146,000 worth of obligations.

Following completion, Regency intends to consolidate its shares on a 100 into one basis.

Parsons, who will be Regency's executive chairman, said: “The road to a successful carbon transition requires real progress in the exploration and extraction of battery metals and energy storage technology. I see huge opportunity for Regency given its current asset base, particularly supporting the recent rapid growth of electric vehicles.”

Shares in Regency rose 15% to 0.4p in early trading compared to a price for the placing of  0.0275p.

 

Quick facts: Regency Mines PLC

Price: 2.8 GBX

LSE:RGM
Market: LSE
Market Cap: £2.5 m
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