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Regal Resources (CNSX:RGR) provided an update on the investment agreement with Mansa Equity Partners LLC for the Patagonia/Sunnyside project in Arizona.

Regal Resources (CNSX:RGR) reported that due to delays in its investment agreement with Mansa Equity Partners LLC for the Patagonia/Sunnyside project in Arizona, both companies are in constant communication to ensure the successful completion of the financing. As advised by Mansa, the financing agreement is expected to be completed within 75 days.
As quoted in the press release:

Due to further delays in its agreement with Mansa Equity Partners LLC, Regal Resources Inc. and Mansa have mutually agreed to explore options to solidify their objectives. The agreement in place remains, whereby Mansa will acquire an equity interest in the company’s Patagonia/Sunnyside project. Regal and Mansa are in constant communication to ensure the successful completion of the financing, and the company reports these delays are related to the financiers’ internal matters, and are not related to the company or to the structure of the intended financing. On advisement from Mansa, the financing agreement is expected to complete within 75 days.
On July 11, 2015, Regal announced that it had entered into a binding investment agreement with Mansa, whereby Mansa agreed to invest $7.5-million (U.S.) for a 20-per-cent direct interest in the project. Concurrent with Mansa becoming an equity investor in the project, Regal and Mansa will enter into a shareholders’ agreement, pursuant to which, among other things, Mansa’s 20-per-cent interest in the project will be a carried interest until such time as a prefeasibility study on the project is completed. Thereafter, Mansa will have anti-dilution rights entitling it to maintain its interest in the project. Mansa and Regal will each have the right, under certain circumstances, to cause Mansa’s 20-per-cent interest in the project to be exchanged for common shares of Regal. If Regal intends to dispose of its equity interest in the project to a non-affiliated third party, Regal will be entitled to exercise a right of first refusal. If Regal intends to dispose of its interest in the project, there are piggyback rights exercisable by Mansa and drag-along rights exercisable by Regal in respect of Mansa’s 20-per-cent interest.

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