Red Rock Resources plc Issue of Shares, Warrants, update on Kenya and TVR (6491F)
18 November 2020 - 6:00PM
UK Regulatory
TIDMRRR
RNS Number : 6491F
Red Rock Resources plc
18 November 2020
Red Rock Resources PLC
("Red Rock" or the "Company")
Issue of Shares and warrants
Kenya update
18 November 2020
Red Rock Resources Plc, the natural resource development company
with interests in gold, manganese and other minerals, reported on
17 August 2020 the renewal of its licenses relating to a gold
project in Kenya (the "Project"). As originally announced on 15
June 2018, as part of a transaction whereby Red Rock acquired the
remaining beneficial interest in the Project from a subsidiary of
Kansai Mining Corporation Limited ("Kansai") the renewal of the
licenses triggers the following actions by Red Rock:
-- Payment of GBP25,000 to Kansai by the issue of 3,571,429 Red
Rock shares ("Shares") at a price of 0.7p a Share;
-- Issue of a $1,000,000 Promissory Note payable in fifteen months to Kansai;
-- Grant to Kansai of GBP500,000 of warrants exercisable for 30
months into Shares at 0.7p a Share.
A further announcement will be made in relation to future
obligations to Kansai.
In addition, Red Rock has issued to Riverfort Global
Opportunities PCC Limited and YA II PN Limited a total of
16,000,000 thirty six month warrants, exercisable as to half at a
price of 1.6 pence a Share, and as to half at a price of 2.4 pence
a Share, in consideration of the extension of existing facilities
and grant of a six month repayment holiday on drawn amounts.
Kenya Update
The Company has appointed CSA Global (UK) Limited to provide an
updated Mineral Resource report for the Project. The purpose of
this work is to bring the historic 1.2m oz mineral resource
estimate reported by the Company in 2013 according to the JORC 2004
code into compliance with the JORC 2012 code, enabling it to be
reported as a code-compliant Mineral Resource Estimate in
accordance with an AIM Standard.
Red Rock Chairman Andrew Bell comments : "Obtaining a 100%
interest in 2018 was an important step forward in adding value to
the Project and enables us now to deal in respect of the Project
with a free hand. Red Rock has come a very long way since its first
modest involvement in Kenya, which was on a farm-in basis, has
overcome all vicissitudes, and now controls what we believe to be a
significant and potentially expandable deposit.
Our consultants will immediately begin the work to enable us to
declare a compliant resource which we will notify as soon as it is
completed.
This is an important step in our planning process for the next
phases of exploration which will be aiming to build on the existing
resource ounces and grade".
Further Information
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 24 November 2020.
Total Voting Rights (TVR)
Following the issue of the 3,571,429 new Ordinary Shares, the
issued share capital of the Company consists of 825,338,881
ordinary shares of 0.01p each with voting rights. No Ordinary
Shares are held in Treasury.
The above figure of 825,338,881 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
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Mark Treharne 0203 700 2500 Broker Pello Capital Limited
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