Last checked at 23 Apr 2015 16:44
Red Rock Resources Plc
("Red Rock" or the "Company")
Convertible Note Conversion
23 April 2015
Red Rock announces that MG Partners II Ltd., which is an affiliate of Magna, has converted the entirety of its outstanding balance of $115,000 unsecured Convertible Notes and accrued interest, into 118,196,751 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 118,196,751 ordinary shares in the Company represents 2.54% 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 4,662,024,541 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 29 April 2015.
Chairman Andrew Bell comments:
"We are happy to announce that the convertible debt facility with Magna has now been fully retired. Red Rock has now cleared all of its corporate debt and convertibles over the course of the last month."
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