REG - Red Rock Resources - Issue of Equity and Total Voting Rights

Red Rock ResourcesAnnouncement

11/05/2023 07:00

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RNS Number : 0143Z  Red Rock Resources plc  11 May 2023

Red Rock Resources Plc

("Red Rock" or the "Company")

 

Issue of Shares and Total Voting Rights

 

 

11 May 2023

 

Red Rock Resources Plc, the natural resource exploration and development
company with interests in gold, copper, cobalt, lithium and other minerals,
announces that the Company has raised £535,840 before expenses by placing
376,028,070 new ordinary shares of £0.0001 each in the Company ("Placing
Shares"), at a price of 0.1425 pence per Placing Share (the "Placing"). The
net proceeds of the Placing will be used for the Company's activities in
Africa and Australia and for general working capital purposes, pending the
anticipated receipt of funds from the DRC.

 

A fee of 7.5% of funds raised will be paid to Clear Capital Corporate Broking
("CCC") in respect of the Placing. CCC will be entitled to receive warrants
exercisable for three years into £107,168 of Shares at the Placement Price.

 

Red Rock Chairman Andrew Bell comments: "In our three most key areas of
operations in Africa, that is to say Kenya, the DRC, and Zimbabwe, we are at
critical stages, with renewals, arbitration awards, and immediate
pre-production activities under way. A great deal of administrative support
and liaison with stakeholders including Government is required, as well as
intensified activity on the ground. Meanwhile we have completed an exploration
programme in our Australian JV and are planning future activities leading up
to a listing.

 

In an ideal world, we would have received the first funds from the arbitration
in DRC by now, and the listing of our investee company Elephant Oil would be
further advanced. But we are not in such a world, and despite high gold prices
our sector is affected by liquidity conditions in the market as central banks
have begun to reverse the decade-long expansion of their balance sheets,
inflation persists, and some regional banks in the US have failed.

 

In order to focus on driving forward our lithium production programme, and
free management time for this, we need to hold position or advance
conservatively elsewhere, while gradually strengthening our balance sheet. The
major liquidity events to which we look over coming months may now include
income from operations, and the current financing is a prudent response to
current uncertain conditions that puts the company in a much stronger
position."

 

Admission to Trading on AIM and Total Voting Rights

 

Application is being made for 376,028,070 Placing Shares to be admitted to
trading on AIM, the admission of which it is expected on or around 18 May
2023.

 

Following admission of the Shares, the Company's total issued share capital
will consist of 1,958,538,069 ordinary shares, with one voting right per
share. The Company does not hold any shares in treasury. Therefore, the total
number of voting rights in the Company will be 1,958,538,069 ordinary shares.
This 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 share capital of the Company under the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

 

 

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

Jason Robertson 0207 374
2212
         Broker First Equity Limited

Bob Roberts 0203
8696081
            Joint 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.

 

 

 

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