Further sale of shares in Jupiter Mines

RNS Number : 6555I

Red Rock Resources plc

05 July 2013

 



Red Rock Resources plc

("Red Rock" or the "Company")

Sale of Shares

05 July 2013

Red Rock Resources Plc, the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and interests in steel feed, uranium and rare earths, reports that it has sold a part of its holdings in Jupiter Mines Ltd (ASX:JMS)("JMS").

40,526,457 shares were sold for gross proceeds of AUD 2,836,852. The sale shares amounted to 67.3% of Red Rock's pre-transaction holding of 60,200,832 JMS shares, so that Red Rock retains 19,674,375 shares, and has no current intention of further sales. The last sale of JMS stock by the Company was in October 2012. Following the sale, Red Rock holds 0.86% of the issued capital of JMS.

The Company intends to apply the funds raised toward debt repayment and for working capital purposes. 

Company Chairman Andrew Bell comments:

"This recent sale process completes the retirement of the debt instrument managed by Cornhill Capital, and further reduces the existing term loan facility with YA Global to more manageable levels, besides providing funds for operations.  We continue to deleverage the business as the sector remains weak and prospects unpredictable, while we progress planned sales of assets in Greenland and Colombia."        

For further information contact:

Andrew Bell 020 7747 9990 or 07766 474849	Chairman Red Rock Resources plc
Sandra Spencer 020 7747 9990 or 07757 660 798	Investor Relations Red Rock Resources plc
Colin Aaronson / Daniela Amihood 020 7383 5100	NOMAD Grant Thornton Corporate Finance
Nick Emerson 01483 413500	Broker Simple Investments Ltd

 

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