Issue of Equity

RNS Number : 4067Y

Red Rock Resources plc

29 February 2012

 



RED ROCK RESOURCES PLC

("Red Rock" or the "Company")

Issue of Equity

Dated: 29 February 2012

Red Rock Resources plc ("Red Rock" or the "Company") announces that it has placed 39,269,231 new ordinary shares of 0.1p each (the "Ordinary Shares") at a price of 2.6 pence per share to raise £1,021,000 before expenses the ("Placing"). 

The net proceeds of the Placing will be applied towards assuring funding is in place to meet commitments for the upcoming exploration season in Greenland and for pursuit of investment opportunities that may arise that match the Company's investment criteria.

Commenting on today's announcement Andrew Bell, CEO said:

"While we expect funds from the proceeds of asset disposals previously announced, the Company wishes to be in a position where it can confidently budget for the short and intense 2012 Greenland field and drill season. We need soon to enter into commitments with, and make prepayments to, key suppliers and contractors. We also want to be in a position to take new initiatives at short notice."

Application will be made to the London Stock Exchange for the new 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 8 March 2012.  Following the Placing, and the First Tranche of the placing referred to in the announcement of 28 February 2012 ("28 February Announcement"), the Company's total issued ordinary share capital will be 862,679,648 ordinary shares of 0.1p.  Following the Second Tranche of the placing referred to in the 28 February Announcement, the Company's total issued ordinary share capital will be 880,679,648 ordinary shares of 0.1p.

Enquiries:

Andrew Bell	020 7099 5840 or 07766 474849	Red Rock Resources plc	Chairman
Sandra Spencer	020 7099 5840 or 07757 660 798	Red Rock Resources plc	Public and Investor Relations
Philip Davies/David Porter	020 7444 0800	Religare Capital Markets	Nominated Adviser
Nick Emerson	01483 413500	Simple Investments Ltd	Broker

Updates on the Company's activities are regularly posted on its website, www.rrrplc.com.

 

END

 

 

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