Last checked at 2 Apr 2015 07:00
Red Rock Resources Plc
("Red Rock" or the "Company")
Loan Repayment and Convertible Note Conversion
01 April 2015
Red Rock announces that it today liquidated and repaid in full its facilities from YA Global ("Yorkville"), comprising a Convertible Loan with a principal amount of £110,000 and two Term Loans with principal amounts of USD 375,742.80 and £50,000. The total repayment, including accrued interest, was £442,619.56 (USD 652,952.37).
The Company further announces that MG Partners II Ltd., which is an affiliate of Magna, has converted USD 120,000 of its outstanding balance of USD 335,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 121,703,854 ordinary shares of 0.01 pence each ("Conversion Shares") in the Company under the terms of the Convertible Note Instrument ("Convertible") as announced on 6 January 2015, at a price of £0.000665 per Conversion Share (the "Conversion").
Following issue of the Conversion Shares, the Company's enlarged issued ordinary share capital will consist of 4,341,520,359 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 09 April 2015.
The above figure of 4,341,520,359 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.
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