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Market Cap: £2.20m
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Convertible Loan Note

4 Sep 2015 17:59

RNS Number : 1983Y
Red Rock Resources plc
04 September 2015
 

Red Rock Resources PLC

 

("Red Rock" or the "Company")

 

Convertible Loan Note

  

04 September 2015

 

Red Rock Resources plc, the mining and natural resource exploration company with gold interests in Africa and investments in other mineral assets, announces that it has agreed to issue an unsecured convertible loan note of up to £250,000 ("Convertible Note") to YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors Global LP ('Yorkville').

 

The notes yield 10% per annum, have a maturity of 12 months, and are able to be converted into ordinary shares at any time, up until maturity. The conversion price will be determined by a formula equal to 94% of the three lowest daily volume weighted average prices during 15 consecutive trading days beginning on the first trading day immediately following the delivery of a notice of conversion by the bondholder with a price cap of 1 pence. The notes fall for repayment on 31 August 2016 if not previously converted.

 

Further the Company will issue warrants over 208,333,333 shares in the capital of the Company exercisable at a price of .036 pence and freely transferable for a period of 3 years.

The proceeds of the Convertible Note will be applied to gold exploration activities in Ivory Coast and for working capital purposes.

 

Andrew Bell, Chairman, comments: "A detailed review of the Company's operating and overhead cost structure is currently underway in order to create a leaner entity tightly focused on preserving project value for investors amidst difficult market conditions. We will keep shareholders informed of progress as this process develops"

 

For further information, please 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 Pickel 0203 128 8208 Media Relations MHP Communications

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
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14th Apr 20153:34 pmRNSAttendance at UK Investor Show
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2nd Apr 20157:00 amRNSLoan Repayment and Convertible Note Conversion
31st Mar 20154:55 pmRNSTotal Voting Rights
30th Mar 20156:09 pmRNSHolding(s) in Company
26th Mar 20155:07 pmRNSHolding(s) in Company
25th Mar 20152:25 pmRNSReplacement: Ivory Coast Update
25th Mar 201512:18 pmRNSIvory Coast Update
25th Mar 201510:02 amRNSInterim Results
25th Mar 20157:00 amRNSConvertible Note Conversion
19th Mar 201512:02 pmRNSFinancing Update
13th Mar 201511:03 amRNSUpdate
6th Mar 20156:16 pmRNSConvertible Note Conversion and Issue of Equity
4th Mar 20154:15 pmRNSHolding(s) in Company
2nd Mar 20155:50 pmRNSUpdate and Placing
27th Feb 20156:18 pmRNSDirector/PDMR Shareholding
18th Feb 201512:10 pmRNSUpdate
30th Jan 20157:00 amRNSIvory Coast and Colombia Update
6th Jan 201511:50 amRNSIssue of Convertible Loan Note
31st Dec 201412:16 pmRNSTotal Voting Rights
23rd Dec 20141:32 pmRNSResult of AGM, Capital Re-organisation
22nd Dec 201411:04 amRNSClarification
10th Dec 20143:34 pmRNSIvory Coast and Colombian Update
4th Dec 201411:55 amRNSNotice of AGM, proposed capital re-organisation
25th Nov 20145:25 pmRNSHolding(s) in Company
25th Nov 201411:59 amRNSIssue of Equity and TVR
21st Nov 201411:18 amRNSFinal Results for the year ended 30 June 2014
21st Nov 201411:15 amRNSUpdate - Colombian Asset Sale
19th Nov 20148:36 amRNSUpdate - Jupiter, Columbia, and Ivory Coast
13th Nov 20142:35 pmRNSUpdate on Resource Star
20th Oct 20143:14 pmRNSResult of General Meeting
16th Oct 20147:00 amRNSUpdate on Resource Star
14th Oct 20147:00 amRNSUpdate on Resource Star
13th Oct 201410:59 amRNSSale of Colombian Interests - Update
2nd Oct 20147:00 amRNSNotice of General Meeting
30th Sep 20146:08 pmRNSTotal Voting Rights
18th Sep 20144:27 pmRNSPlacement of Shares and Ivory Coast Update
11th Sep 201412:15 pmRNSExtension of Exclusivity - Update
1st Sep 20147:05 amRNSUpdate on Jupiter Mines and Resource Star
1st Sep 20147:00 amRNSChange of Adviser
29th Aug 20146:25 pmRNSPlacement of Shares
29th Aug 20145:36 pmRNSHolding(s) in Company
21st Aug 20142:36 pmRNSHolding(s) in Company
12th Aug 20147:00 amRNSExtension of Exclusivity - Colombia
11th Aug 20145:48 pmRNSConvertible Loan Note Conversion & Issue of Equity

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