Exercise of warrants and issue of equity

RNS Number : 8994X

Rockfire Resources PLC

24 December 2019

 

24 December 2019

Rockfire Resources plc

("Rockfire" or the "Company")

Exercise of warrants and issue of equity

Company update

Rockfire Resources plc (LON: ROCK), the gold and base-metal explorer, is pleased to announce that it has made application to the London Stock Exchange for the admission to trading on AIM ("Admission") of 49,266,666 new ordinary shares of 0.1p each in the Company ("New Ordinary Shares"). The New Ordinary Shares are being issued pursuant to the exercise of warrants to subscribe for Ordinary Shares. The New Ordinary Shares rank pari passu in all respects with the Company's existing ordinary shares and Admission is expected to become effective on 31 December 2019.

The Company is planning further drilling at its 100%-owned Plateau Gold Deposit in Queensland, Australia. The Company intends to use the funds received from the warrant exercises to expand the Plateau JORC resource estimate in the next twelve months, following which it expects to initiate preliminary scoping studies into open cut mine extraction at Plateau. Further announcements will be made in due course.

David Price, Chief Executive Officer of Rockfire, commented:

"With this allotment of shares, nearly 60% of the warrants issued in September 2019 have now been exercised. The exercise of these warrants has raised £762,666 before costs, which will be used for exploration purposes on the Company's tenements, including geophysics and further drilling at Plateau."

"Over the next twelve months, Rockfire intends to initially expand the JORC resource estimate and to then initiate preliminary scoping studies into open cut mine extraction at Plateau. The project benefits from being within trucking distance of several operating gold processing plants and studies will include a scope of toll treatment options. The potential for toll treatment at facilities owned by other companies, may result in significant capital cost savings for Rockfire, should a mining operation eventuate. I clarify that no discussions have been instigated with the owners of these nearby facilities at this point in time."

"I'd like to thank our shareholders for their continued support of the Company's exploration efforts, which have proven successful at Plateau in the recent drilling results. We are looking forward to getting the drill rigs operating again as soon as possible and our focus will be on the expansion of the JORC resource within the top 100m from surface and early metallurgical test work."

Total Voting Rights

On Admission, the issued share capital of the Company will consist of 629,407,844 Ordinary Shares, with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 629,407,844. This figure may 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 to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information on the Company, please visit www.rockfireresources.com or contact the following:

Rockfire Resources plc David Price, Chief Executive Officer	[e-mail]
Allenby Capital Limited (Nominated Adviser)	Tel:  [phone]
John Depasquale / Asha Chotai
SI Capital Ltd	Tel:  [phone]
Nick Emerson

About Rockfire Resources

Rockfire Resources is a mineral exploration company exploring for precious and base metals in Australia. Rockfire owns each of its exploration licences 100% and is an active and aggressive explorer.

The minerals targeted by Rockfire include gold, copper, silver and zinc, of which the company has multiple prospects and targets in Queensland, Australia. Rockfire has a portfolio of projects which are within trucking distance of operating gold mines, which may provide opportunity for toll treatment of any future resources identified.

The Company has adopted a strategy of growth based on advancing exploration on its existing portfolio of projects, as well as a continual assessment of quality opportunities to acquire outstanding mineral projects worldwide.

 

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