LONDON (Alliance News) - Red Rock Resources PLC on Tuesday said it has raised GBP323,750 through a share placing to accelerate exploration in Congo.
The exploration and development company issued 63.5 million shares at a price of 0.51 pence each. Every second share is accompanied by a warrant, exercisable at 0.75p for two years.
Red Rock shares closed up 14% on Tuesday at 0.60 pence each, giving it a market capitalisation of GBP3.2 million.
Following the admission, the company will have 676.1 million shares overall.
"The placing ensures that the company can manage its cash flow prudently while driving an increased tempo of exploration in the Congo as the scale of the opportunity there becomes more apparent," said Chair Andrew Bell.
"Over the next few months, we expect a bunching of receipts from share and asset sales, loan repayments, and dividend and royalty receipts, while half the Jupiter Mines shareholding comes out of the voluntary escrow to which we agreed at the time of relisting, so that the medium term picture is likely to be one of increasing liquidity," added Bell.
Red Rock Resources (RRR)