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(Alliance News) - Red Rock Resources PLC said Tuesday the holders of convertible loan notes in the company have agreed to renew the notes, extending the conversion date to December 2020.
Red Rock issued the notes at the end of 2018, and they had a conversion price of 0.8 pence and a redemption date this Thursday. The notes had accompanying warrants, issued on the basis of 1 warrant for every 2 shares issued on conversion, with an exercise price of 1.4p.
Shares in Red Rock Resources closed 5.9% higher in London on Tuesday at 0.45 pence each.
On Tuesday, however, Red Rock said holders of GBP830,000 notes have renewed the notes for a further 12 months, with a new redemption date of December 19, 2020, with an adjusted conversion price of 0.6p. The warrants were given an adjusted exercise price of 0.9p.
Each note has a denomination of GBP1,000, so is therefore convertible into 166,666 new shares. Each noteholder was given 62,500 warrants.
Chair Andrew Bell said: "We thank our note holders who have had the confidence to roll over their positions. Red Rock remains committed to advancing its important projects in Kenya and the DRC, while the strong cash generation at Jupiter Mines Ltd provides stability."
By Paul McGowan; paulmcgowan@alliancenews.com
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