US-based investment manager Yorkville has provided AIM-listed Regency Mines with a standby equity distribution agreement (SEDA) of £3 million.

US-based investment manager Yorkville has provided AIM-listed Regency Mines with a standby equity distribution agreement (SEDA) of £3 million.

The SEDA allows Regency, whose operations are focused on Australia and Papua New Guinea, to withdraw funds of up to that sum in tranches in exchange for new equity at a discount to the prevailing market price.

The money will fund the company’s sulphide nickel and other exploration activities, as well as providing general working capital.

Advisors to the deal were based outside London.