Regal Resources Enters LOI with Mansa Equity Partners for the Patagonia/Sunnyside project in Arizona

Regal Resources (CNSX:RGR) reported that it has entered into a letter of intent with Mansa Equity Partners LLC for a 20% direct interest in the Patagonia/Sunnyside project in Arizona. Under the agreement, Mansa Equity Partners will invest US $7.5-million in the Patagonia/Sunnyside project.

Regal Resources Inc. has entered into a letter of intent with Mansa Equity Partners LLC, whereby Mansa has agreed in principle to invest $7.5-million (U.S.) for a 20-per-cent direct interest in the company’s Patagonia/Sunnyside project.

Regal expects to use the net proceeds primarily to repay outstanding debt and to advance the exploration program at the project.

The proposed transaction is subject to completion of comprehensive due diligence, execution of a definitive documentation, board and regulatory approvals, and other customary closing conditions.

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