Red Rock Resources plc Financing to raise GBP1,000,000 (8823O)
12 February 2021 - 6:00PM
UK Regulatory
TIDMRRR
RNS Number : 8823O
Red Rock Resources plc
12 February 2021
Red Rock Resources PLC
("Red Rock" or the "Company")
Financing to Raise GBP1,000,000
12 February 2021
Red Rock Resources Plc announces that it has raised GBP1,000,000
by way of a placing of 95,238,095 new ordinary shares of 0.01 pence
each ("Shares") in the Company at a price of 1.05p per Share (the
"Placing").
The Placing was carried out through Monecor (London) limited
trading as ETX Capital.
A ndrew Bell, Chairman, comments : "A combination of license
grants in Australia, re-grants in Kenya, and exploration progress
in Congo, mean that Red Rock is now planning three promising drill
programmes.
This is an exciting prospect, to which is added the opportunity
of advancing a listing of its Australian JV.
Most immediately, the imminent release of an updated JORC
Mineral Resource Estimate for Kenya is expected, which will be
followed immediately by putting out a drill programme to
tender.
This financing will enable us to move forward more rapidly with
these drill programmes, the cost of which over 2021 is already
estimated to exceed $800,000"
Further Information and Additional Terms
The Placing is conditional on admission of the Shares to trading
on AIM ("Admission").
The Company will seek approval at a general meeting for the
issue of non-transferrable warrants with a life of two years and an
exercise price of 2 pence to be issued to subscribers to the
Placing on the basis of one warrant for each two Placing
Shares.
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 18 February 2021.
Total Voting Rights (TVR)
Following the issue of the 95,238,095 new Ordinary Shares, the
issued share capital of the Company consists of 1,067,850,352
ordinary shares of 0.01p each with voting rights. No Ordinary
Shares are held in Treasury.
The above figure of 1,067,850,352 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.
Note: Market soundings, as defined in the Market Abuse
Regulation ("MAR"), were taken in respect of the Placing with the
result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this
announcement and has been disclosed as soon as possible in
accordance with paragraph 7 of article 17 of MAR. Therefore, those
persons that received inside information in a market sounding are
no longer in possession of inside information relating to the
Company and its securities.
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
Mark Treharne 0203 700 2500 Broker Pello Capital Limited
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END
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