Placing

RNS Number : 1068Y

Red Rock Resources plc

21 January 2014

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Placing

21 January 2014

Red Rock announces that it has completed a placing with clients of Cornhill Capital Ltd. ('Cornhill') and others of 76,595,744 ordinary shares of 0.1 pence each ("Shares") in the Company at a price of 0.47p per Share (the "Placing"). For every two Shares subscribed under the Placing, each placee will receive one warrant to subscribe for a Share within 18 months of issue at a price of 0.6p per Share. The gross proceeds of the Subscription are £360,000.

53,617,021 Shares have been placed by Cornhill with certain private and fund clients.

Of the balance, Regency Mines plc will subscribe for 21,914,893 Shares in satisfaction of recharges of shared costs and Andrew Bell, a director of the Company, will subscribe for 1,063,830 Shares.

Following the Placing, Regency Mines plc holds 167,679,559 Shares (10.98%), and Andrew Bell holds 2,110,734 Shares, of which 1,063,830 are held directly and 1,046,904 are held indirectly (906,904 by the Share Incentive Plan Trustees and 140,000 by Beaufort Nominees Ltd).

The proceeds of the Placing are being applied towards repayments and working capital.

Following the Placing, the Company's total issued ordinary share capital will be 1,527,166,289 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 24 January 2014.

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

 

END

 

 

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