Placing and Investment in Jupiter Mines Shares

RNS Number : 5956U

Red Rock Resources plc

03 December 2013

 



Red Rock Resources Plc

("Red Rock" or the "Company")

Placing and Investment in Jupiter Mines Shares

3 December 2013

Red Rock announces that it has completed its placing, first announced on 14 November 2013,  with Cornhill Capital Ltd. ('Cornhill'), for 45,000,000 ordinary shares of 0.1 pence each ("Shares") in the Company by a long-term investor (the "Investor") at a price of 0.66p per Share (the "Subscription").  The gross proceeds of the Subscription are £297,000.

The proceeds of the Subscription are being applied towards the purchase from the Investor of 8,000,000 shares in Jupiter Mines Ltd (ASX:JMS)("Jupiter") at a price of AUD 0.056 per Jupiter share and a total cost of AUD 448,000 (£249,480 approximately).

Following the Subscription the Company's holding in Jupiter will be 27,674,375 Jupiter shares (1.21%) currently worth AUD 1.88 million. Red Rock retains a 0.75% gross revenue royalty over Jupiter's Mt Ida project, and non-manganese mineral rights over a further Jupiter tenement.  

Following the Subscription, the Company's total issued ordinary share capital will be 1,450,570,545 ordinary shares of 0.1p. Application has been made to the London Stock Exchange for the 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 9 December 2013.

Company Chairman Andrew Bell comments:

"We are pleased to add more of a high quality asset such as Jupiter Mines, a company we have long been familiar with and excited about, to our balance sheet."       

For further information contact:

Andrew Bell0207 747 9990 or 0776 647 4849                  Chairman Red Rock Resources plc

Colin Aaronson / David Hignell 0207 383 5100             NOMAD Grant Thornton UK LLP

Nick Emerson 01483 413500                                          Broker SI Capital Ltd.

Guy Wheatley 0207 382 8416                                        Joint Broker Beaufort Securities Ltd

Rupert Trefgarne 0203 128 8817                                    Media Relations MHP Communications

 

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