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RRR - Red Rock Resources News Story

0.96p 0.0  1.1%

Last Trade - 12/04/21

Sector
Basic Materials
Size
Micro Cap
Market Cap £11.1m
Enterprise Value £11.2m
Revenue £n/a
Position in Universe 1572nd / 1817

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

Fri 12th February, 2021 7:00am
RNS Number : 8823O
Red Rock Resources plc
12 February 2021
 

Red Rock Resources PLC

("Red Rock" or the "Company")

Financing to Raise £1,000,000

12 February 2021

 

Red Rock Resources Plc announces that it has raised £1,000,000 by way of a placing of 95,238,095 new ordinary shares of 0.01 pence each ("Shares") in the Company at a price of 1.05p per Share (the "Placing").

The Placing was carried out through Monecor (London) limited trading as ETX Capital.

Andrew Bell, Chairman, comments: "A combination of license grants in Australia, re-grants in Kenya, and exploration progress in Congo, mean that Red Rock is now planning three promising drill programmes.

This is an exciting prospect, to which is added the opportunity of advancing a listing of its Australian JV.

Most immediately, the imminent release of an updated JORC Mineral Resource Estimate for Kenya is expected, which will be followed immediately by putting out a drill programme to tender.

This financing will enable us to move forward more rapidly with these drill programmes, the cost of which over 2021 is already estimated to exceed $800,000"

Further Information and Additional Terms

The Placing is conditional on admission of the Shares to trading on AIM ("Admission").

The Company will seek approval at a general meeting for the issue of non-transferrable warrants with a life of two years and an exercise price of 2 pence to be issued to subscribers to the Placing on the basis of one warrant for each two Placing Shares.

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 18 February 2021.

Total Voting Rights (TVR)

Following the issue of the 95,238,095 new Ordinary Shares, the issued share capital of the Company consists of 1,067,850,352 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.

The above figure of 1,067,850,352 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

 

 

 

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