Regency Mines Plc (AIM:RGM) signed a conditional binding heads of terms to acquire 20% stake in Carbon Minerals Corporation for $1.7 million on November 25, 2016. As a part of consideration, Regency Mines will pay $1.65 million, payable $0.25 million monthly plus a royalty per ton produced. Regency Mines is to pay initial refundable cash deposit of £0.05 million ($0.062 million) with a further £0.2 million ($0.25 million) due after due diligence and completion of a shareholders' agreement. The agreement is expected to be signed on or before December 23, 2016. On December 20, 2016, Regency Mines announced a fundraising, the purpose of which was to provide funding toward the completion of this acquisition. The transaction is subject to consummation of due diligence and signing of shareholders agreement. As on January 10, 2017, all conditions have been fulfilled. The transaction is expected to complete on December 23, 2016. The currency conversion has been done from www.oanda.com as of November 25, 2016. Regency Mines Plc (AIM:RGM) completed the acquisition of 20% stake in Carbon Minerals Corporation on January 10, 2017.