Speculation for now but I've been digging into LEGACY HILL RESOURCES. Very interesting they appear to be growing and going places yet they are still private. Makes me wonder because the stage is set to go public via CYPE soon imo would be the perfect fit. Check out this huge Joint venture news LEGACY HILL RESOURCES had with REGENCY MINES last month.
Regency Mines Signs Joint Venture Agreement With Legacy Hill Resources
Alliance News27 February, 2018 | 3:05PM Email Form
LONDON (Alliance News) - Regency Mines PLC said Tuesday it has agreed a joint venture with privately owned mining company Legacy Hill Resources Ltd.
Regency shares were up 5.3% at 0.50 pence per share on Tuesday.
The natural resource exploration and development company said the purpose of the collaboration is to structure and finance US acquisitions in the metallurgical coal sector, and their subsequent management and operation.
Regency will contribute USD2.0 million to the joint venture, and hold a 70% stake in return.
Legacy Hill, which will contribute a further USD1.0 million to the venture, will own 30%, reflecting its role in financing, investing, and managing the acquisition to date.
Equity contributions to the venture are capped at USD3.0 million. If at any stage further funds are required as cash contribution, a new agreement will be entered into dealing with the additional amount.
Legacy Hill will be responsible for day-to-day operations.
"We have been working with our colleagues at Legacy Hill over the last year with a joint venture in mind, and we now agree it is appropriate to formalise the structure. We expect Legacy Hill's cost-effective mine management to create a sound foundation for a growth strategy in metallurgical coal," Regency Chairman Andrew Bell said.
By Toby Woodall; tobywoodall@alliancenews.com
