Last checked at 14 Dec 2023 07:00
Red Rock Resources PLC
("Red Rock" or the "Company")
Issue of Shares
14 December 2023
Red Rock Resources Plc, the natural resource exploration and development company with interests in gold, copper, cobalt, lithium and other minerals, announces that it has placed 666,666,667 new ordinary shares ("Placing Shares") by a placing at 0.075 pence per share raising a total of £500,000 before expenses ("Placing"). The Placing was arranged by Clear Capital Markets Limited.
The Placing proceeds will be applied to lithium production and export operations in Zimbabwe, gold studies and development in Burkina Faso, costs of accounting and audit, and other working capital purposes.
Red Rock CEO Andrew Bell comments: "We have been advised that release of the arbitration award and payments under it in the DRC ought to be delayed to after the election, now only one week away. While we had expected a conclusion this week, the delay is sensible and prudent as any actions taken too close to election day when suspicions run high can be open to misinterpretation. We therefore resolved in an uncertain economic environment to strengthen our balance sheet before year end by other means, accepting a funding offer, which also enables us to continue driving forward our gold and lithium production and pre-production activities in Africa."
Admission to Trading on AIM and Total Voting Rights
Application is being made for 666,666,667 new ordinary shares to be admitted to trading on AIM, the admission of which it is expected on or around 21 December 2023.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares, its issued ordinary share capital will comprise 3,336,764,458 ordinary shares.
All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 3,336,764,458. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman 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
Bob Roberts 0203 8696081 Joint Broker Clear Capital Corporate Broking
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.