Issue of Equity

RNS Number : 7449Z

Red Rock Resources plc

11 March 2013

 



Red Rock Resources Plc

("Red Rock" or the "Company")

Issue of Equity

11 March 2013

Red Rock announces that on 8 March 2013,  YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), subscribed for and was issued 26,388,009 ordinary shares of 0.1 pence each ("Shares") in the Company under the terms of the Standby Equity Distribution Agreement ("SEDA") between Red Rock and YA Global as announced on 14 December 2010, at a price of 0.9474 pence per Share (the "Subscription"). The gross proceeds of the Subscription are £250,000, conditional on the Shares being admitted to trading on AIM.

The proceeds of the Subscription are being applied towards to reducing the Company's loan with YA Global Master SPV Ltd, announced 2 March 2011. 

Company Chairman Andrew Bell comments:

"We continue to pay down indebtedness as we wait for our anticipated major sale transactions, as previously announced, to conclude. We expect to make announcements in relation to these."

Following the Subscription, the Company's total issued ordinary share capital will be 1,181,662,263 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 15 March 2013.

For further information contact:

Andrew Bell020 7402 4580 or 07766 474849                    Chairman Red Rock Resources plc

Sandra Spencer 020 7402 4580 or 07757 660 798            Investor Relations Red Rock Resources plc

Gerry Beaney / Daniela Amihood 020 7383 5100           NOMAD Grant Thornton Corp Finance

Nick Emerson 01483 413500                                             Broker Simple Investments Ltd

 

END

 

 

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