Red Rock Resources plc Issue of Equity and TVR (0243V)
31 October 2017 - 6:00PM
UK Regulatory
TIDMRRR
RNS Number : 0243V
Red Rock Resources plc
31 October 2017
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 GBP25,000
arising under that agreement is to be settled by the issue of
4,500,000 shares in RRR which equates to GBP27,000 and includes a
notional charge for interest since June 2015.
The Company's Kenyan assets were held at a book value of
GBP971,818 as at 30(th) 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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