Last checked at 19 Dec 2018 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Cobalt/Copper Joint Venture - Congo
19 December 2018
Further to the announcement of 22 November 2018, Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and oil production, announces developments in relation to its joint venture agreement announced on 26 September 2017 for the development of cobalt and copper assets (the "Project") in the Democratic Republic of Congo. Payment of the £490,000 tranche of the consideration for its copper-cobalt joint venture interest has now been made.
The joint venture parties have organised a local company, Musonoi Mining SA, to be owned 50.1% by Red Rock and to hold the joint venture interests of the parties.
The vendors have been issued 70,000,000 Red Rock shares at 0.7 pence a share with attached 1-for-1 three year warrants to subscribe for new shares at an exercise price of 1p per share, as settlement of the £490,000 tranche of consideration.
A further $250,000 payment will be made upon completion of remaining documentation, which is expected early in the New Year.
A report and plan is scheduled to be submitted to local partner La Générale des Carrières et des Mines ("Gécamines") by the end of the year, and the Company has been preparing this, collating a large quantity of historic data and working with its consultant geologists Minex Consulting SA to ensure timely submission.
Andrew Bell, Chairman of Red Rock, comments: "We are forming a very positive impression of the potential from the data we are assembling and look forward to providing the market with further detailed information on our targets and intentions, in particular for early mobilisation on to the Musonoi license."
Admission to trading on AIM and Total Voting Rights (TVR)
Application has been made to the London Stock Exchange for 70,000,000 new Ordinary Shares to be admitted to trading on AIM, which will rank pari passu with the Company's existing issued Ordinary Shares. Dealings are expected to commence at 8.00 a.m. on or around 24 December 2018.
Total Voting Rights (TVR)
Following the issue of the 70,000,000 new Ordinary Shares, the issued share capital of the Company consists of 606,012,471 Ordinary Shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 606,012,471 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited