REG - Red Rock Resources - DRC Update, Equity Issue, Convertible extension

Red Rock ResourcesAnnouncement

29/01/2025 16:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250129:nRSc1720Va&default-theme=true

RNS Number : 1720V  Red Rock Resources plc  29 January 2025

Red Rock Resources PLC

("Red Rock" or the "Company")

Update on DRC

Issue of Shares

Extension of Convertible Notes

 

29 January 2025

Red Rock Resources Plc, the natural resource development company with
interests in gold and base metals, principally in Africa and Australia,
announces an extension to the term of its 12% Convertible Notes ("Notes"), an
issue of shares, and an update on DRC.

Update on DRC

The resumption of the arbitration by a scheduled meeting in order to conclude
its work and arrange payments was held last week and briefly adjourned in case
the parties wanted to take a last chance to reach agreement by themselves. The
process remains on track and a priority. Military developments in the east of
the country have inevitably affected the schedule as officials became engaged
with these matters and this culminated in large demonstrations in the capital,
Kinshasa, yesterday when all offices and official locations were closed and
people remained at home.  The Company resumes work on this matter today.

Red Rock Chairman Andrew Bell comments: "The Company remains confident in a
positive result from the current process in the DRC and I expect to remain
there until matters are concluded. The Company remains constrained
financially, as noted in my report in the announcement of final results on
13(th) December 2024, and is managing its expenses carefully to avoid as far
as possible any recourse to external financing, which has been offered, until
we can make a substantive announcement. We are also engaged in various
discussions with potential buyers who have approached us in relation to
certain of our assets."

Extension of Notes and Issues of Shares

The Company announces, further to the announcement of 27 August 2024, that the
Note holders have agreed to extend the term and conversion rights of the Notes
for four months from 18 November 2024.

The total amount of Notes outstanding, immediately following the term
extension, is £562,840 and the four months interest, that will accrue from
that date to maturity, is £22,513.60. Each Note holder could either
capitalise net interest for the four months and add it to the principal amount
of the Notes or settle such net interest by the issue of new Shares in the
Company at 0.041p per Share. The Company has been advised of Note holders,
requesting settlement by issue of 54,911,214 Shares in settlement of
£22,513.60 of interest. The Company therefore announces the issue of
54,911,214 New Shares at 0.041p per Share in settlement of interest.

The Note conversion price is adjusted to 0.075p per Share, and the exercise
price of the accompanying Warrants to 0.09375p per Share ("New Exercise
Price").

An extension fee has been charged as follows: the Company will grant each Note
holder new warrants with a three-year life, exercisable at the New Exercise
Price in the amount of 5% of the net rolled over amount, including capitalised
interest attributable to that Note holder.

The Company further announces the issue of 122,558,535 Shares in settlement of
£50,249 of professional fees at a price of 0.041p per Share and the issue of
48,780,487 Shares at a price of 0.041p per Share, pursuant to a cash
subscription of £20,000, and the issue of 487,804,878 Shares in settlement of
£200,000 of debt at a price of 0.041p per Share.

Admission to Trading on AIM and Total Voting Rights

 

Application is being made for 714,055,114 Shares to be admitted to trading on
AIM, the admission of which it is expected on or around 4(th) February 2025.

 

In accordance with the provision of the Disclosure Guidance and Transparency
Rules of the Financial Conduct Authority, the Company confirms that, following
the issue of the Placing Shares, its issued ordinary share capital will
comprise 6,398,423,953 ordinary shares.

 

All of the ordinary shares have equal voting rights and none of the ordinary
shares are held in Treasury. The total number of voting rights in the Company
will therefore be 6,398,423,953

The above figure may be used by shareholders as the denominator for the
calculations to determine if they are required to notify their interests in,
or change to their interest in, the Company.

 

For further information, please contact:

Andrew Bell 0207 747
9990
    Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396            NOMAD
Beaumont Cornish Limited

Bob Roberts 0203 8696081
                             Broker Clear Capital Corporate
Broking

 

This announcement contains inside information for the purposes of Article 7 of
Regulation 2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed
in accordance with the Company's obligations under Article 17.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCQKLFLEFLFBBX