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Red Rock Placing Raises GBP1 Million To Fund Drill Programmes

Fri, 12th Feb 2021 09:36

(Alliance News) - Red Rock Resources PLC on Friday said it has raised GBP1 million through the placing of 95.2 million shares at 1.05 pence each.

Shares in the Kenya, Australia and Democratic Republic of Congo-focused gold explorer were trading 8.8% lower at 1.14p each on Friday morning in London, giving it a market capitalisation of GBP11.1 million.

"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 financing will enable us to move forward more rapidly with these drill programmes, the cost of which over 2021 is already estimated to exceed USD800,000," said Red Rock Chair Andrew Bell.

Following admission of the new shares, Red Rock will have 1.07 billion shares in issue.

By Ife Taiwo; ifetaiwo@alliancenews.com

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