Three-year standby equity distribution agreement negotiated Sept. 9, 2009
By Devika Patel
Knoxville, Tenn., June 20 - Regency Mines plc said it amended the terms of a standby equity distribution agreement with YA Global Master SPV Ltd. on June 9. The agreement, which priced Sept. 9, 2009, originally was for £3 million but has now been increased to £6 million.
YA has committed to purchase up to £6 million of the company's ordinary stock over the course of three years in multiple tranches at a 2.5% discount to market price. The maximum amount that may be drawn down at any time is 200% of the average daily trading value of the shares during the 10 trading days prior to the draw-down request.
Regency Mines is a London-based mineral exploration company focused on exploring for copper and nickel.
| Issuer: | Regency Mines plc
|
| Issue: | Standby equity distribution agreement
|
| Amount: | £6 million
|
| Tenor: | Three years
|
| Price: | 2.5% discount
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Settlement date: | Sept. 9, 2009
|
| Revised: | June 9
|
| Stock symbol: | London: RGM
|
| Stock price: | 1.43p at close Sept. 9
|
| Market capitalization: | £21.43 million
|
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