Last checked at 23 Apr 2019 18:25
Red Rock Resources PLC
("Red Rock" or the "Company")
Issue of Equity
Total Voting Rights
23 April 2019
Red Rock Resources Plc announces that it has raised £323,750 by way of a placing of 63,480,391 new ordinary shares of 0.01 pence each ("Shares") in the Company at a price of 0.51p per Share with 1 for 2 warrants exercisable at a price of 0.75 pence per Share for twenty-four months ("April 2021 Warrants")(together the "Placing").
Andrew Bell, Chairman, comments: "The Placing ensures that the Company can manage its cash flow prudently while driving an increased tempo of exploration in the Congo as the scale of the opportunity there becomes more apparent.
Over the next few months, we expect a bunching of receipts from share and asset sales, loan repayments, and dividend and royalty receipts, while half the Jupiter Mines shareholding comes out of the voluntary escrow to which we agreed at the time of relisting, so that the medium term picture is likely to be one of increasing liquidity."
Further Information and Additional Terms
The Placing is conditional on admission of the Shares to trading on AIM ("Admission").
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 30 April 2019.
Total Voting Rights (TVR)
Following the issue of the 63,480,391 new Ordinary Shares, the issued share capital of the Company consists of 676,049,662 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.
The above figure of 676,049,662 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
Jason Robertson 0207 374 2212 Broker First Equity Limited