Update on Subscription and Directors' Dealings

RNS Number : 5578S

Red Rock Resources plc

08 July 2015

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Update on Subscription and Directors' Dealings

08 July 2015

Red Rock Resources plc, the mining and natural resource exploration company with interests in gold in Africa, and investments in other mineral assets, announces an update on fundraising activities.    

Further to the subscription of 689,473,706 new shares of 0.01p each (the "Subscription") announced on 07 July 2015, the Company has today raised additional £51,250 through a placing of 107,894,948 new shares in the Company at 0.0475p per share ("Placing"), being the same price and on the same conditions as the Subscription.

Andrew Bell, Michael C. Nott and Sam Quinn, Directors, participated in the Placing as follows:

-     Andrew Bell subscribed for 55,263,157 new shares for a consideration of £26,250.

-     Michael C. Nott subscribed for 21,052,632 new shares for a consideration of £10,000.

-     Sam Quinn subscribed for 10,526,316 new shares for a consideration of £5,000.

As a result of such participation, the Directors' current holdings in the Company are set out in the table below:

Directors	Number of Ordinary Shares in the Company			Percentage holding	Warrants
	Direct	Indirect*	Total	Total Share Capital %	Total Warrants
Andrew R M Bell	63,042,317	11,702,008	74,744,325	1.37%	27,631,579
James F Ladner	6,000,000	12,338,273	18,338,273	0.34%	-
Michael C Nott	21,052,632	27,304,571	48,357,203	0.89%	10,526,316
Scott C Kaintz	-	11,562,008	11,562,008	0.21%	-
Sam Quinn	-	10,526,316	10,526,316	0.19%	5,263,158

* Each Director, except Sam Quinn, indirectly holds 11,562,008 shares held by the SIP Trustees. In addition, Andrew Bell holds 140,000 shares through Beaufort Securities Nominees Limited and 55,263,157 shares directly and jointly with Stephanie Bell, Michael C Nott directly and jointly with Anna Nott holds 21,052,632 shares and Michael Nott indirectly holds 15,742,563 shares jointly with Anna Nott through Barclayshare Nominees Limited, James F Ladner holds 776,265 shares through an undisclosed nominee which are pledged as collateral for a loan, Sam Quinn holds indirectly 10,526,316 shares through Lionshead Consultants Ltd.

For every two Subscription Shares, each subscriber will be issued with one warrant exercisable at 0.065p per Share and expiring on 7 July 2017 ("Warrants").  

The funds from the Placing will be added to the Company's general working capital resources.

Admission and dealings

The new shares will when issued rank pari passu in all respects with the Company's existing issued ordinary shares. Application will be made for the admission of the new shares to trading on AIM and it is expected that such admission will occur and that dealings will commence at 8.00 a.m. on 15 July 2015. The Placing as well as the Subscription are conditional on Admission becoming effective.

Following issue of the new shares pursuant to the Placing and Subscription, the total number of voting rights in the Company will be 5,459,393,195. This figure may, following the completion of the Placing and Subscription, be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

Andrew Bell 0207 747 9990 or 0776 647 4849                             Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396            NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                                Broker Dowgate Capital Stockbrokers Ltd.

Christian Pickel 0203 128 8817                                                  Media Relations MHP Communications

 

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