Last checked at 20 Sep 2017 11:04
Red Rock Resources PLC
("Red Rock" or the "Company")
Repayment on Loan Note
20 September 2017
On 21 June 2017 Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and oil production, announced that it had entered into back to back financing arrangements under which it was able to fund Steelmin Limited ("Steelmin") to complete the refurbishment and recommissioning of a ferrosilicon smelter in Jajce, Bosnia. Under these arrangements, Red Rock also acquire an equity interest in Steelmin, that currently stands at 17%.
Highlights:
o Red Rock borrowed $4,230,750 from a group of Investors ("Investors") in the form of a 12 month secured promissory note ("Note").
o An additional term of 8 months is available on 25% of the Note principal.
o Red Rock has now made its first repayment of $507,156 to the Investors.
Andrew Bell, Chairman of Red Rock, comments: "Steelmin continues to progress on schedule towards production, and European ferrosilicon prices have further improved. The strengthening of sterling against the dollar since we took out the loan, and the slight improvement of the Euro against sterling, have benefitted both sides of our back to back facility. We expect significant dividend and royalty inflows in the remainder of calendar 2017 to enable us to continue paying down our loan after this first substantial payment."
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
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.