Last checked at 16 Apr 2015 11:58
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