REG - Red Rock Resources - Interim Results <Origin Href="QuoteRef">RRR.L</Origin> - Part 1
RNS Number : 4209IRed Rock Resources plc25 March 2015
25 March 2015
Red Rock Resources plc ("Red Rock" or the "Company") the mineral exploration and development company focused on iron ore and manganese, and gold, and operating in Greenland, Colombia, and East Africa, announces its unaudited half-yearly results for the six months ended 31 December 2014.
Chairman's statement
Dear Shareholders,
We present the company's interim report for the six months to 31st December 2014.
Colombia
The Company is progressing the expected imminent sale of the 50.1% owned Colombian subsidiary, and the net results of that subsidiary, comprising mostly exchange losses, are disclosed in note 5, 'Discontinuing operations'.
As announced in May 2014, we identified a competent regional operator to acquire the mine from the Company and make the investments necessary to add value. Our review of this opportunity had shown us that it needed a specialist operator to realise the potential, and we concluded that we neither wished nor were easily capable of being that specialist. The key to a successful sale, and an outcome from which both parties would win, was to find a buyer that had the professionalism and local knowledge to succeed. The process of sale is, we believe, coming to a conclusion and will leave us with a continuing interest in the success of the mine.
The Company
Losses from operations were reduced by an absence of provisions, and a significant reduction in administrative expenses, where reductions were seen in the period in each category, and are expected to reduce further in the current period. In addition there was a reduction in exchange losses from continuing operations.
Both during the period and after the period end, management concentrated on reducing liabilities and improving the balance sheet.
Ivory Coast
The key development over the period was the company's expansion of its Ivory Coast interests by the acquisition of granted licenses that it considered prospective, and some of which were adjacent to its existing license applications. Exploration began at the Alepe license, which sits on the continuation of the Ghanaian Sefwe gold belt that hosts in Ghana the large Ahafo mine. Results from initial geochemistry over some 350 sq km of ground at the Alepe and Dabakala licenses have been received and are being processed, and an initial announcement will be made imminently. Identified anomalies from this exploration will be explored more intensively in the coming months, as will the 20 km manganese ridge at Dabakala.
These licenses however are only a small part of the company's planned and applied for footprint in Ivory Coast. The company's interests make it a potentially significant player at this early stage of the country's exploration. Whether it remains so will depend on its active pursuit of these opportunities, and on its success both in exploration and in, where appropriate, partnering with other larger companies.
The prospectivity of Ivory Coast, the favourable regulatory climate, and the strong infrastructure have made this country increasingly since 2010 a focus for exploration and mine development by the world's gold mining industry. Only recently have some of the permitting procedures and legal framework been clarified and streamlined, and we believe Red Rock has timed its entry well.
Kenya
We have continued to deal with license renewal in Kenya, where we have an interest in a 1.2m oz gold Resource, as well as continuing feasibility and exploration work. There are currently good signs of progress, and announcements will be made as the situation develops.
Other Interests
Jupiter Mines Ltd continues strong performance at its associate Tshipi Ntle's Tshipi Borwa manganese mine in the south Kalahari basin. After selling 1m tonnes of product in the first year of operation, 2m tonnes was sold in the year to February 2015, and the mine continues to pursue market share and is one of the cheapest, and perhaps now the most efficient, producer, with a growing market share in China. The iron ore projects of Jupiter, on some of which the company has a royalty, are not currently active due to the low iron ore price. However the growing presence of Tshipi in the manganese market is making this company a blue chip producer that we are confident will go from strength to strength. In time, the gap between Red Rock's carrying value of its Jupiter shares and their net asset value is one we expect will reduce.
The company's iron ore interests in Greenland are similarly on hold.
Our historic interest in ASX-listed Resource Star Limited (RSL), formerly a uranium explorer, is holding its value as RSL is cashed up and looking for a transaction outside the mining sector.
Conclusion
The refocusing of the company's efforts on gold, and on the early stage exploration it regards as its strength, continues. If the 25% increase in the trade-weighted dollar since May 2014 is adjusted for, the gold price has been strengthening, and few adverse factors, and many potentially favourable ones, exist for gold demand.
If exceptional opportunities occur, the company will be open to them, but our expectation is that gold will remain the primary focus, and Ivory Coast will be the main arena. There is enough to do there, given the size of the portfolio, to keep a company many times Red Rock's size usefully employed.
Andrew Bell
Executive Chairman
25 March 2015
Consolidated statement of financial position
as at 31 December 2014
Notes
31 December 2014
31 December 2013
30 June 2014
30 June 2013
Unaudited
Unaudited
Audited
Audited
ASSETS
Non current assets
Property plant and equipment
6
2,027
7,438,771
5,100
8,173,525
Investments in associates and joint ventures
5,316,585
4,021,525
5,319,306
4,035,728
Available for sale financial assets
7
1,412,088
1,012,321
1,583,984
3,136,448
Exploration assets
140,000
-
-
-
Non-current receivables
7,356,595
6,793,039
7,148,560
6,484,534
Total non current assets
14,227,295
19,265,656
14,056,950
21,830,235
Current assets
Cash and cash equivalents
2,216
715,832
51,167
21,081
Restricted cash
191,722
-
221,846
-
Trade and other receivables
656,959
2,989,519
579,145
2,949,415
Total current assets
850,897
3,705,351
852,158
2,970,496
Assets classified as held for sale
5
6,463,056
3,168,735
6,994,468
3,168,735
TOTAL ASSETS
21,541,248
26,139,742
21,903,576
27,969,466
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Called up share capital
8
2,371,117
1,450,571
1,934,588
1,279,769
Share premium account
23,077,122
21,538,815
22,663,691
20,558,401
Other reserves
488,202
354,857
604,064
243,716
Retained earnings
(12,415,568)
(8,980,043)
(11,671,669)
(7,783,544)
13,520,873
14,364,200
13,530,674
14,298,342
Non controlling interest
(256,370)
194,422
60,461
130,137
Total equity
13,264,503
14,558,622
13,591,135
14,428,479
LIABILITIES
Current liabilities
Trade and other payables
2,612,451
3,841,637
2,493,289
4,528,558
Short term borrowings
820,542
4,084,504
755,889
5,602,840
Total current liabilities
3,432,993
7,926,141
3,249,178
10,131,398
Liabilities directly associated with assets classified as held for sale
5
4,843,752
-
4,744,285
-
Non current liabilities
Long-term borrowings
-
586,133
318,978
245,588
Deferred tax liabilities
-
3,068,846
-
3,164,001
Total non current liabilities
-
3,654,979
318,978
3,409,589
TOTAL EQUITY AND LIABILITIES
21,541,248
26,139,742
21,903,576
27,969,466
The accompanying notes form an integral part of these financial statements.
Consolidated statement of income
for the period ended 31 December 2014
Notes
6 months to 31 December 2014
6 months to 31 December 2013*
Unaudited
Unaudited
Gain on sale of investments
4,308
6,994
Administrative expenses
(459,112)
(683,490)
Fundraising costs
(19,419)
(123,545)
Depreciation
(3,073)
(7,814)
Exploration expenses
(37,700)
(9,553)
Impairment of available-for-sale investments
-
(469,446)
Share of losses of associates and joint ventures
(2,721)
(74,909)
Other income
30,033
-
Foreign exchange loss
(161,541)
(322,846)
Finance income/(costs), net
256,648
347,785
Loss for the period before taxation from continuing operations
(392,577)
(1,336,824)
Tax credit
-
-
Loss for the period from continuing operations
(392,577)
(1,336,824)
Discontinuing operations
(Loss)/profit after tax for the period from discontinuing operations
(684,143)
192,618
Loss for the period
(1,076,720)
(1,144,206)
(Loss)/profit for the period attributable to:
Equity holders of the parent
(759,889)
(1,208,491)
Non controlling interest
(316,831)
64,285
(1,076,720)
(1,144,206)
Loss per share
Loss per share - basic
3
(0.04) pence
(0.09) pence
Loss per share - diluted
3
(0.04) pence
(0.09) pence
* Certain amounts shown here do not correspond to the 2013 interim financial statements to re-present results of discontinuing operations as detailed in note 5.
The accompanying notes form an integral part of these financial statements.
Consolidated statement of comprehensive income
for the period ended 31 December 2014
6 months to 31 December 2014
6 months to 31 December 2013
Unaudited
Unaudited
Loss for the period
(1,076,720)
(1,144,206)
Revaluation of available for sale investments
(161,826)
51,316
Deferred taxation on revaluation of available for sale investments
-
(10,898)
Unrealised foreign currency gain /(loss) arising upon retranslation of foreign operations
61,954
82,715
Total comprehensive loss for the period
(1,176,592)
(1,021,073)
Total comprehensive (loss)/income for the period attributable to:
Equity holders of the parent
(859,761)
(1,085,358)
Non controlling interest
(316,831)
64,285
(1,176,592)
(1,021,073)
The accompanying notes form an integral part of these financial statements.
Consolidated statement of changes in equity
for the period ended 31 December 2014
The movements in equity during the period were as follows:
Share capital
Share premium account
Retained earnings
Non controlling interest
Other reserves
Total equity
Unaudited
As at 30 June 2013
1,279,769
20,558,401
(7,783,544)
130,137
243,716
14,428,479
Changes in equity for 2013
Total comprehensive (loss)/income for the period
-
-
(1,208,491)
64,285
123,133
(1,021,073)
Transactions with owners
Issue of shares
170,802
1,011,679
-
-
-
1,182,481
Share issue and fundraising costs
-
(31,265)
-
-
-
(31,265)
Share-based payment transfer
-
-
11,992
-
(11,992)
-
Total Transactions with owners
170,802
980,414
11,992
-
(11,992)
1,151,216
As at 31 December 2013
1,450,571
21,538,815
(8,980,043)
194,422
354,857
14,558,622
As at 30 June 2014
1,934,588
22,663,691
(11,671,669)
60,461
604,064
13,591,135
Changes in equity for 2014
Total comprehensive (loss)/income for the period
-
-
(759,889)
(316,831)
(99,872)
(1,176,592)
Transactions with owners
Issue of shares
436,529
425,547
-
-
-
862,076
Share issue and fundraising costs
-
(12,116)
-
-
-
(12,116)
Share-based payment transfer
-
-
15,990
-
(15,990)
-
Total Transactions with owners
436,529
413,431
15,990
-
(15,990)
849,960
As at 31 December 2014
2,371,117
23,077,122
(12,415,568)
(256,370)
488,202
13,264,503
Available for sale trade investments reserve
Foreign currency translation reserve
Share based payment reserve
Total other reserves
Unaudited
As at 30 June 2013
(6,043)
(33,819)
283,578
243,716
Changes in equity for 2013
Total comprehensive income for the period
40,418
82,715
-
123,133
Transactions with owners
Share-based payment transfer
-
-
(11,992)
(11,992)
As at 31 December 2013
34,375
48,896
271,586
354,857
As at 30 June 2014
383,958
92,187
127,919
604,064
Changes in equity for 2014
Total comprehensive income for the period
(161,826)
61,954
-
(99,872)
Transactions with owners
Share-based payment transfer
-
-
(15,990)
(15,990)
As at 31 December 2014
222,132
154,141
111,929
488,202
Consolidated statement of cash flows
for the period ended 31 December 2014
Notes
6 months to 31 December 2014
6 months to 31 December 2013
Unaudited
Unaudited
Cash flows from operating activities
Loss before tax from continuing operations
(392,577)
(1,336,824)
(Loss)/Profit before tax from discontinuing operations
(714,234)
86,564
Loss before tax
(1,106,811)
(1,250,260)
Decrease/(increase) in receivables
88,379
(340,600)
Increase/(decrease) in payables
232,040
(620,982)
Share of losses in associates and joint ventures
2,721
74,909
Interest receivable
(317,758)
(466,169)
Interest payable
61,110
165,902
Impairment of assets held for sale
40,636
-
Currency adjustments
527,054
361,905
Impairment of available-for-sale investments
-
469,446
Gain on sale of investments
(4,308)
(6,994)
Financial assets at fair value through profit and loss
-
-
Depreciation
3,073
397,766
Bad debt expense
-
88,854
Loss on write-off of fixed assets
-
41,109
Income taxes reclaimed
16,681
-
Net cash outflow from operations
(457,183)
(1,085,114)
Cash flows from investing activities
Interest received
59
256
Proceeds of sale of investments
14,378
1,712,992
Payments to acquire associate company and joint venture investments
-
(60,706)
Exploration expenditure
(140,000)
-
Payments to acquire property plant and equipment
-
(13,402)
Net cash (outflow)/inflow from investing activities
(125,563)
1,639,140
Cash flows from financing activities
Proceeds from issue of shares
862,075
1,182,481
Transaction costs of issue of shares
(12,116)
(31,265)
Interest paid
(61,110)
(130,355)
Proceeds of new borrowings
-
1,001,383
Repayments of borrowings
(254,154)
(1,881,519)
Net cash inflow from financing activities
534,695
140,725
Net (decrease)/increase in cash and cash equivalents
(48,051)
694,751
Cash and cash equivalents at the beginning of period
55,618
21,081
Cash and cash equivalents at end of period
7,567
715,832
Cash and cash equivalents
2,216
715,832
Cash and cash equivalents attributable to asset classified as held for sale
5
5,351
-
7,567
715,832
Half-yearly report notesfor the period ended 31 December 2014
1
Company and group
As at 30 June 2014 and 31 December 2014 the Company had one or more operating subsidiaries and has therefore prepared full and interim consolidated financial statements respectively.
The Company will report again for the year ending 30 June 2015.
The financial information contained in this half yearly report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The financial information for the year ended 30 June 2014 has been extracted from the statutory accounts for the Group for that year. Statutory accounts for the year ended 30 June 2014, upon which the auditors gave an unqualified audit report which did not contain a statement under Section 498(2) or (3) of the Companies Act 2006, have been filed with the Registrar of Companies.
2
Accounting Polices
Basis of preparation
The consolidated interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting.' The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2014, which have been prepared in accordance with IFRS.
3
Loss per share
The following reflects the loss and share data used in the basic and diluted loss per share computations:
6 months to
31 December 2014
6 months to
31 December 2013
Unaudited
Unaudited
Loss attributable to equity holders of the parent company
(759,889)
(1,208,491)
Weighted average number of Ordinary shares of 0.0001 in issue
2,153,207,572
1,372,441,240
Loss per share - basic
(0.04) pence
(0.09) pence
Weighted average number of Ordinary shares of 0.0001 in issue inclusive of outstanding dilutive options
2,153,207,572
1,372,441,240
Loss per share - fully diluted
(0.04) pence
(0.09) pence
The weighted average number of shares issued for the purposes of calculating diluted loss per share reconciles to the number used to calculate basic loss per share as follows:
2014
2013
Number
Number
Loss per share denominator
2,153,207,572
1,372,441,240
Weighted average number of exercisable share options
-
-
Diluted loss per share denominator
2,153,207,572
1,372,441,240
In accordance with IAS 33, the diluted earnings per share denominator takes into account the difference between the average market price of ordinary shares in the year and the weighted average exercise price of the outstanding options. The Group has weighted average share options of 7,527,174 for the current period. These were not included in the calculation of diluted earnings per share because all the options are not likely to be exercised given that even
Half-yearly report notesfor the period ended 31 December 2014, continued
the lowest exercise price is substantially higher than the market price and are therefore non-dilutive for the period presented.
4
Segmental analysis
Jupiter Mines
Limited
Other investments
Australian exploration
African
exploration
Corporate and unallocated
Total
For the 6 month period to 31 December 2014
Revenue
Total segment external revenue
-
-
-
-
-
-
Result
Segment results
-
(33,591)
(23,435)
(2,522)
(589,677)
(649,225)
Loss from continuing operations before tax and finance costs
Interest receivable
317,758
Interest payable
(61,110)
Loss from continuing operations before tax
(392,577)
Tax
-
Loss from continuing operations for the period
(392,577)
Jupiter Mines
Limited
Other investments
Australian exploration
African
exploration
Corporate and unallocated
Total
For the 6 month period to 31 December 2013*
Revenue
Total segment external revenue
-
-
-
-
-
-
Result
Segment results
6,994
(97,729)
(83,114)
(485,816)
(1,024,944)
(1,684,609)
Loss from continuing operations before tax and finance costs
(1,684,609)
Interest receivable
399,418
Interest payable
(51,633)
Loss from continuing operations before tax
(1,336,824)
Tax
-
Loss from continuing operations for the period
(1,336,824)
* Certain amounts shown here do not correspond to the 2013 interim financial statements to re-present the results of discontinuing operations.
A measure of total assets and liabilities for each segment is not readily available and so this information has not been presented.
Half-yearly report notes
for the period ended 31 December 2014, continued
5
Discontinuing operations
On 12 May 2014 the Company executed a binding Letter of Intent ("LOI") with Nicaragua Milling Company Limited ("NMCL"), a private company registered in Belize. Under the LOI, the Company will sell (a) its 100% interest in American Gold Mines Limited ("AGM"), which owns a 50.002% interest in Four Points Mining SAS ("FPM"), the owner of the El Limon mine, and (b) its loans to FPM, for a total consideration of US$5m payable in cash tranches, loan and royalty on annual net gold sales. In the event that gold production at any stage ceases at El Limon, the total paid under the royalty tranche may fall short of this amount.
A 7% commission is payable to Ariel Partners on the transaction.
Based on this, FPM is classified as a disposal group held for sale in the Company and Group's accounts as at 31 December 2014. The Consolidated income statement for 31 December 2013 has been re-presented for comparative purposes.
The results of FPM for the year are presented below:
31 December
31 December
2014
2013
Revenue
941,997
1,523,576
Cost of sales
(726,932)
(801,867)
Gross profit
215,065
721,709
Expenses
(803,143)
(587,627)
Finance costs, net
(85,520)
(47,518)
Impairment of assets held for sale
(40,636)
-
(Loss)/profit before tax from a discontinuing operation
(714,234)
86,564
Tax credit
30,091
106,054
(Loss)/profit after tax from a discontinuing operation
(684,143)
192,618
(Loss)/profit from a discontinuing operation attributable to:
Owners of the parent
(367,312)
128,333
Non-controlling interest
(316,831)
64,285
(684,143)
192,618
(Loss)/profit per share attributable to owners of the parent:
Basic
(0.02 ) pence
0.01 pence
Diluted
(0.02 ) pence
0.01 pence
Half-yearly report notesfor the period ended 31 December 2014, continued
5 Discontinuing operations continued
The major classes of assets and liabilities classified as held for sale are as follows:
31 December
31 December2014
2013
Group
Assets
Property, plant and equipment
4,453,278
-
Investment in joint venture
-
3,168,735
Inventory
72,499
-
Trade and other receivables
1,931,928
-
Cash and cash equivalents
5,351
-
Assets classified as held for sale
6,463,056
3,168,735
Liabilities
Trade and other payables
1,466,043
-
Borrowings
2,443,318
-
Deferred tax liabilities
934,391
-
Liabilities directly associated with assets classified as held for sale
4,843,752
-
Net assets classified as held for sale
1,619,304
3,168,735
Non-controlling interest directly associated with disposal group held for sale
256,369
-
Net assets classified as held for sale attributable to owners of the parent
1,875,673
3,168,735
The asset held for sale as at 31 December 2013 relates to a portion of the Group's interest on an investment in joint venture. Changes to a plan of sale resulted in the asset no longer meeting the criteria of an asset held for sale and the Group therefore subsequently ceased to classify it as such.
The net cash flows of discontinuing operations are as follows:
31 December
31 December
2014
2013
Operating207,660 -
Investing (18,319) -
Financing (188,441) -
Net cash inflows
900
-
Half-yearly report notesfor the period ended 31 December 2014, continued
6
Property plant and equipment
Mines
Field equipment
and machinery
Fixtures and
fittings
Assets under
construction
Total
31 December 2013
Cost
At 1 July 2013
12,970,084
968,148
88,097
402,546
14,428,875
Additions
-
11,692
1,710
-
13,402
Disposals
-
(60,407)
(4,876)
-
(65,283)
Currency exchange
(231,389)
(71,393)
(4,544)
(30,779)
(338,105)
At 31 December 2013
12,738,695
848,040
80,387
371,767
14,038,889
Depreciation and impairment
At 1 July 2013
(5,926,741)
(280,674)
(47,935)
-
(6,255,350)
Depreciation charge
(330,248)
(58,873)
(8,645)
-
(397,766)
Disposals
-
19,682
4,492
-
24,174
Currency exchange
4,299
22,185
2,340
-
28,824
At 31 December 2013
(6,252,690)
(297,680)
(49,748)
-
(6,600,118)
Net book value
At 31 December 2013
6,486,005
550,360
30,639
371,767
7,438,771
31 December 2014
Cost
At 1 July 2014
-
34,607
28,649
-
63,256
Additions
-
-
-
-
-
Disposals
-
-
(842)
-
(842)
Currency exchange
-
-
-
-
-
At 31 December 2014
-
34,607
27,807
-
62,414
Depreciation and impairment
At 1 July 2014
-
(31,980)
(26,176)
-
(58,156)
Depreciation charge
-
(1,970)
(1,103)
-
(3,073)
Disposals
-
-
842
-
842
Currency exchange
-
-
-
-
-
At 31 December 2014
-
(33,950)
(26,437)
-
(60,387)
Net book value
At 31 December 2014
-
657
1,370
-
2,027
Half-yearly report notes
for the period ended 31 December 2014, continued
7
Available for sale financial assets
31 December 2014
31 December
2013
At 1 July
1,583,984
3,136,448
Additions
-
Disposals
(10,070)
(1,705,997)
Revaluation adjustment
(161,826)
51,316
Impairment
-
(469,446)
At 31 December
1,412,088
1,012,321
8
Share Capital of the company
Number
Nominal
Allotted and fully paid during the period
As at 30 June 2014
1,934,587,543
1,934,588
Issued 11 August 2014 at 0.2257 pence per share
97,363,903
97,364
Issued 29 August 2014 at 0.20 pence per share
100,000,000
100,000
Issued 18 September 2014 at 0.22 pence per share
76,056,779
76,057
Issued 25 November 2014 at 0.1686 pence per share
163,107,947
163,108
As at 31 December 2014
2,371,116,172
2,371,117
9
Capital Management
Management controls the capital of the Group in order to control risks, provide the shareholders with adequate returns and ensure that the Group can fund its operations and continue as a going concern.
The Group's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets.
There are no externally imposed capital requirements.
Management effectively manages the Group's capital by assessing the Group's financial risks and adjusting its capital structure in response to changes in these risks and in the market. These responses include the management of debt levels, distributions to shareholders and share issues.
There have been no changes in the strategy adopted by management to control the capital of the Group since the prior period.
10 Subsequent events
On 6 January 2015 the Company announced that it had agreed to issue an unsecured convertible loan note of US$550,000 to MG Partners II Limited. The notes yield 4% per annum, have a maturity of 12 months, and are able to be converted into ordinary shares from 60 days after issue. The conversion price on each conversion will be the lower of a 10% discount to the average of the three lowest VWAPs over the 15 trading days immediately preceding the date of the conversion, or a price per share of 0.5p at the option of MG Partners II Limited. The notes fall due on 1 January 2016 if not previously converted.
On 18 February 2015 the Company announced that Resource Star Limited ('RSL') has terminated its agreement to acquire Cloud Lands Digital Fortress Limited. In addition, RSL announced a placement of up to 105,974,534 fully paid ordinary shares at a price of AU$0.006 per share, with 1 for 2 free attaching Options ("Placement"), to raise up to AU$636,000 before costs, conditional on RSL shareholder approval. Mathew Walker, a Director of RSL will, subject to shareholder approval make an additional subscription of 50 million shares and 25 million Options, on the same terms and conditions as the Placement.
Half-yearly report notesfor the period ended 31 December 2014, continued
10 Subsequent events continued
On 2 March 2015 the Company announced that it has completed a placing with clients of Dowgate Capital Stockbrokers Limited and others of 87,500,00 ordinary shares of 0.01p each in the Company at a price of 0.08p per Share. The gross proceeds of the Subscription are 70,000.
On 6 March 2015 the Company announced that MG Partners II Ltd has converted US$7,500 of its US$550,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 6,117,455 ordinary shares of 0.01 pence each in the Company, at a price of 0.000798 per share. Additionally, the Company has issued a total of 9,022,556 ordinary shares of 0.01p at a price of 0.000798 per share to a supplier in respect of services rendered.
On 19 March 2015 the Company announced that it had raised total funds of 1,000,000 before expenses via a share placing with clients of Cornhill Capital Limited with the issue of 1,538,461,538 ordinary shares of 0.01p at a price of 0.00065 per share . The proceeds of the placing are to be used for gold exploration in Ivory Coast and the prepayment in full of YA Global convertible and debt and UK Bond Network bonds.
On 19 March 2015 the Company also announced that MG Partners II Ltd has converted a further US$7,500 of its US$550,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 7,598,784 ordinary shares of 0.01 pence each in the Company, at a price of 0.00066554 per share.
On 25 March 2015the Company also announced that MG Partners II Ltd has converted a further US$200,000 of its US$550,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 200,000,000 ordinary shares of 0.01 pence each in the Company, at a price of 0.000666 per share.
For further information, please contact:
Andrew Bell 0207 747 9990 or 0776 647 4849 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams0207383 5100 NOMAD Beaumont Cornish Limited
Jason Robertson01293 517744 Broker Dowgate Capital Stockbrokers Ltd.
Christian Pickel 02031288817 Media Relations MHP Communications
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR SEISUIFISEID
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