Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Issues GBP50,000 worth of convertible notes with accompanying warrants to "high net worth investors". Says that a single investor subscribed to the notes. The notes are convertible into ordinary shares at a price of 0.6 pence each and the interest rate on them is 12% per year.
In July, Red Rock Resources issued GBP623,000 worth of convertible notes, on the same terms as this second tranche.
"The funds will be utilised for general working capital purposes," the company adds.
Current stock price: 0.65 pence, up 8.3% in London on Friday
12-month change: up 4%
By Sophie Rose; sophierose@alliancenews.com
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Red Rock Resources (RRR)