Change in RSL Holdings

RNS Number : 2853U

Red Rock Resources plc

13 May 2008

 

RED ROCK RESOURCES PLC

Change in activities of Retail Star Limited and Red Rock underwriting

Dated: 13 May 2008

Red Rock Resources plc ('Red Rock' or the 'Company') the mineral exploration and development company focused on advancing iron ore, uranium and manganese projects in Australia and East Africa, announces that its associated company Retail Star Limited ('RSL'), a company listed on the Australian Stock Exchange (ASX: RSL), has announced its intention to change its activities to exploration and mining, and to change its name to Resource Star Limited.

Under the indicative timetable announced, a General Meeting to approve the change in activities will be held on 27 June 2008, and if shareholders approve the resolution the stock will be suspended until the requirements for compliance with the listing rules of the Australian Stock Exchange are met, which is expected to be by 30 July 2008.

RSL will be seeking to raise between AUD 1,500,000 and AUD 2,000,000 additional working capital by an entitlement issue on terms to be announced in which existing RSL shareholders will be able to participate. The proceeds will be principally utilised in continuing the current exploration programme for uranium in Malawi, including drilling. Red Rock has agreed to underwrite AUD 1,100,000 of the issue, for a fee of 4 per cent. Red Rock currently holds 140,000,000 shares in RSL, which is 24.2 per cent of the issued ordinary share capital of RSL. 

Relisting as an exploration and mining company will remove the regulatory constraint preventing RSL from raising further funds for exploration or acquiring new exploration interests and focus on development of its uranium exploration activities. 

Enquiries:

Andrew Bell	0207 402 4580 or 07766 474849	Red Rock Resources plc	Chairman
John Simpson	020 7512 0191	Blomfield Corporate Finance Ltd	Nominated Adviser
Ron Marshman / John Greenhalgh	020 7628 5518	City of London PR Limited	Public Relations

Updates on the Company's activities are regularly posted on its website, 

www.rrrplc.com.

 

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