Regency Mines acquires 50% stake in Weirs Drove Development

Natural resources exploration and development company Regency Mines acquired a 50% interest in Weirs Drove Development on Friday.

Regency's Flexible Grid Solutions division purchased the stake in Weirs, a British developer of energy storage and solar projects based in Cambridgeshire, for £25,000 in cash and agreed to lend a further £100,000 after the first WDD energy storage project reaches "shovel ready" status.

In order to fund the acquisition, Regency has undertaken a fundraising of £210,000 at £0.01 per share, a 5.3% premium to the closing bid price.

Chief executive Scott Kaintz said: "We are delighted to expand our flexible grid solutions business with multiple new UK projects, several of which have early potential to be revenue-generating and one of which comes with an offtake offer from Limejump, a Shell subsidiary.

"This acquisition is intended to deliver our key corporate objectives of near-term cash generation and follows our recent discounted debt acquisition bolstering our Battery Metals business, which is already benefitting from recent encouraging movements in Nickel prices."

As of 1045 BST, Regency shares were up 3.08% at 1.00p.