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Bond repayment, convertible bond conversion

16 Apr 2015 11:58

RNS Number : 4361K
Red Rock Resources plc
16 April 2015
 

Red Rock Resources Plc

("Red Rock" or the "Company")

Repayment of Bond Instrument and Convertible Note Conversion

15 April 2015

Red Rock announces that it today liquidated and repaid in full UK Bond Network ("UKBN"), comprising outstanding bonds as originally announced on 20 December 2013. The total gross payment, including accrued interest, was £400,110, with the net figure being £208,388 after taking into account the amount placed in escrow.

 

The Company further announces that MG Partners II Ltd., which is an affiliate of Magna, has converted $100,000 of its outstanding balance of $215,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 99,654,527 ordinary shares ("Conversion Shares") in the Company under the terms of the Convertible Note Instrument ("Convertible") as announced on 6 January 2015, at a price of £0.0006837 per Conversion Share (the "Conversion").

 

This Conversion of 99,654,527 ordinary shares in the Company represents 2.19% of the Company's enlarged ordinary issued share capital.

 

Following issue of the Conversion Shares, the Company's enlarged issued ordinary share capital will consist of 4,543,827,790 ordinary shares of 0.01p each. Application has been made to the London Stock Exchange for the Conversion Shares, which on Admission will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 22 April 2015.

 

Chairman Andrew Bell comments:

 

"The repayment of UKBN bonds and the Magna conversion puts us in good stead for taking advantage of future opportunities. Ongoing trading volumes indicate substantial interest in Red Rock and its future prospects."

 

 

For further information contact:

 

Andrew Bell 0207 747 9990 or 0776 647 4849 Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd

Christian Pickel0203 128 8208 Media Relations MHP Communications

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUNVRRVWASAAR
Date   Source Headline
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23rd Oct 20247:00 amRNSIssue of Equity
14th Oct 20247:05 amRNS-RUpdate
10th Oct 20243:32 pmRNSResult of Meeting
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27th Aug 20247:00 amRNSReplacement: Extension of Convertible Notes
23rd Aug 20248:40 amRNSExtension of Convertible Notes, Issue of Shares
16th Aug 20244:28 pmRNSIssue of Equity, Total Voting Rights
16th Aug 202412:17 pmRNSUpdate on Australian Assets
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3rd Jul 20246:26 pmRNSIssue of Equity, Total Voting Rights
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19th Jun 202410:16 amRNSCompletion of Purchase and Issue of Shares
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29th Apr 20248:19 amRNSUpdate
22nd Apr 20247:00 amRNSIssue of Equity, Directors' Dealings and TVR
11th Apr 20247:00 amRNSIssue of Equity
5th Apr 20247:00 amRNSDRC and Gold Assets Update
28th Mar 20247:00 amRNSHalf-year Report
13th Mar 20247:59 amRNSConditional agreement, Australian gold subsidiary
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