Issue of Equity

RNS Number : 6792R

Red Rock Resources plc

21 November 2012

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Placement of Shares

21 November 2012

Red Rock Resources plc ("Red Rock" or the "Company") announces that it has placed 60,000,000 new ordinary shares of 0.1p each (the "Ordinary Shares") with institutional and private clients, representing approximately 5.8% of the Company's issued share capital at a price of 1.0 pence per share to raise £600,000 (the "Placing").  Credit Suisse Nominees (UK) Ltd. will hold 4.385% of the Company's issue shared capital upon completion of the placing, with other placees  holding the balance.  Along with the Placing, investors shall be entitled to receive 1/3^rd of a warrant for each ordinary share entitling the warrantholders to subscribe for a maximum of 20,000,000 ordinary shares at an exercise price of 1.5 pence over a subscription period of eighteen months.   

The net proceeds of the Placing will be applied towards the Company's Kenyan gold exploration activities, work supporting definition of an iron ore mineral resource estimate in Greenland and on-going working capital requirements. 

Application will be made to the London Stock Exchange for the 60,000,000 Ordinary Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM.  Dealings are expected to commence at 8.00 a.m. on or around 26 November 2012, following which the Company's total issued ordinary share capital will be 1,026,137,800 ordinary shares of 0.1p. 

Enquiries:

Andrew Bell	020 7402 4580 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 7402 4580 or 07757 660 798	Red Rock Resources plc	Press Relations
Gerry Beaney Daniela Amihood	020 7383 5100	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

 

END

 

 

IOEFEFFFFFESEFF