Last checked at 12 Feb 2021 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Financing to Raise £1,000,000
12 February 2021
Red Rock Resources Plc announces that it has raised £1,000,000 by way of a placing of 95,238,095 new ordinary shares of 0.01 pence each ("Shares") in the Company at a price of 1.05p per Share (the "Placing").
The Placing was carried out through Monecor (London) limited trading as ETX Capital.
Andrew Bell, Chairman, comments: "A combination of license grants in Australia, re-grants in Kenya, and exploration progress in Congo, mean that Red Rock is now planning three promising drill programmes.
This is an exciting prospect, to which is added the opportunity of advancing a listing of its Australian JV.
Most immediately, the imminent release of an updated JORC Mineral Resource Estimate for Kenya is expected, which will be followed immediately by putting out a drill programme to tender.
This financing will enable us to move forward more rapidly with these drill programmes, the cost of which over 2021 is already estimated to exceed $800,000"
Further Information and Additional Terms
The Placing is conditional on admission of the Shares to trading on AIM ("Admission").
The Company will seek approval at a general meeting for the issue of non-transferrable warrants with a life of two years and an exercise price of 2 pence to be issued to subscribers to the Placing on the basis of one warrant for each two Placing Shares.
Application has been made to the London Stock Exchange for Admission of the Shares, 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 18 February 2021.
Total Voting Rights (TVR)
Following the issue of the 95,238,095 new Ordinary Shares, the issued share capital of the Company consists of 1,067,850,352 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 1,067,850,352 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 and Transparency Rules.
Note: Market soundings, as defined in the Market Abuse Regulation ("MAR"), were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
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
Mark Treharne 0203 700 2500 Broker Pello Capital Limited