REG - Red Rock Resources - Financing to raise £1,000,000

Red Rock ResourcesAnnouncement

28/09/2020 10:45

RNS Number : 2969A
  
Red Rock Resources plc
  
28 September 2020
  
 

Red Rock Resources PLC
("Red Rock" or the "Company")
Financing to Raise £1,000,000
28 September 2020 
 
Red Rock Resources Plc announces that it has raised £1,000,000 by way of a placing of 125,000,000 new ordinary shares of 0.01 pence each ("Shares") in the Company at a price of 0.8p per Share with 1 for 1 warrants exercisable at a price of 1.2 pence per Share for thirty months ("March 2023 Warrants")(together the "Placing").
12,500,000 March 2023 Warrants will be issued to First Equity Ltd in part payment for  its services as Placing Agent.  
Andrew Bell, Chairman, comments: "Red Rock is entering a period of intense activity with active exploration due at its recently restored 1.2 million ounce JORC compliant gold resource in Kenya, and the IPO process for its new and highly prospective gold JV business in the Victoria Goldfields of Australia.
The operational work programme planned includes an acceleration of geological work on its copper/cobalt joint ventures in the Congo, alongside the two gold businesses in Kenya and Australia.
The Company will continue to be able to fund a significant part of its operations from existing resources, however this financing enables Red Rock to move immediately to exploit the opportunities we have now developed."
Further Information and Additional Terms 
The Placing is conditional on admission of the Shares to trading on AIM ("Admission"). 
In the event that the Shares trade at a volume-weighted average price of 3.6p or over for five consecutive days the Company will have the right (but not the obligation) by a further announcement to require exercise of the March 2023 Warrants still outstanding within a ten day period after which they will expire.   
Application has been made to the London Stock Exchange for Admission of the Shares, which will rank pari passu with the Company's existing issued Ordinary Shares. Dealings are expected to commence at 8.00 a.m. on or around 7 October 2020.
Total Voting Rights (TVR)
Following the issue of the 125,000,000 new Ordinary Shares, the issued share capital of the Company consists of 821,767,452 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 821,767,452 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.
Note:  Market soundings, as defined in the Market Abuse Regulation ("MAR"), were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
For further information, please contact: 
Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990                                                        Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396        NOMAD Beaumont Cornish Limited
Mark Treharne 0203 700 2500                                                   Broker Pello Capital Limited
 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
IOEPPURWBUPUUBR