Last checked at 31 Oct 2017 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Shares Issue
Total Voting Rights
31 October 2017
Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and oil production, announces that it has issued 4,500,000 ordinary shares in the Company at 0.60p per ordinary share in settlement of obligations to Kansai Mining Corporation Limited ("Kansai") under the agreement announced on 26 June 2015 in relation to the Company's Kenyan interests.
The commitment to pay Kansai an initial amount of £25,000 arising under that agreement is to be settled by the issue of 4,500,000 shares in RRR which equates to £27,000 and includes a notional charge for interest since June 2015.
The Company's Kenyan assets were held at a book value of £971,818 as at 30th June 2016 following impairment charges. The Company instituted an action for Judicial Review in relation to these assets in May 2015 which is continuing.
Andrew Bell, Chairman, comments: "The Company will continue to maintain its rights in the interests of our shareholders as we believe that we have a strong case that must sooner or later prevail. We are in parallel exploring options that might result in an earlier outcome beneficial to all parties. Everybody wants to see these assets developed and brought into production."
Admission to trading on AIM and Total Voting Rights (TVR)
Application has been made to AIM for 4,500,000 new Ordinary Shares to be admitted to trading on AIM. Admission of the 4,500,000 new Ordinary Shares is expected on or around 3 November 2017.
Following the issue of the 4,500,000 new Ordinary Shares, the issued share capital of the Company consists of 483,417,740 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 483,417,740 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.
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
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd