Vancouver B.C., May 19, 2015 - Regal Resources Inc. (RGR.CSE) (the "Company" or "Regal") is pleased to announce that it has entered into a letter of intent with Mansa Equity Partners, LLC ("Mansa"), whereby Mansa has agreed in principle to invest $7.5 million U.S. for a 20% direct interest in the Company's Patagonia/Sunnyside Project (the "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.
About Regal Resources Inc. (www.regalresinc.com):
Regal Resources Inc. is a junior mineral exploration and development company based in Vancouver, Canada. The Company is focused on the development and acquisition of copper projects in the prolific copper producing state of Arizona. The Company is currently focused on its advanced exploration copper/lead/zinc/silver property, the Patagonia/Sunnyside project, located near Nogales, Arizona. Regal is listed on the Canadian Securities Exchange (CSE) under the symbol (RGR).
For further information please contact:
Gregory M Thomas
Drew N Brass
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "optimistic", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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