Convertible Bond Conversion

RNS Number : 9499C

Red Rock Resources plc

21 March 2014

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Convertible Bond Conversion

21 March 2014

Red Rock announces that YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), has converted £200,000 in unsecured Convertible Bonds 2014 into 53,404,539 ordinary shares of 0.1 pence each ("Shares") in the Company under the terms of the Convertible Bond Instrument ("Convertible") as announced on 21 November 2013, at a price of £0.003745 per Share. Simultaneously, £24,302.10, representing interest and fees accrued on the Convertible and outstanding term loan, will be converted into 6,489,212 shares of 0.1 pence each at a price of £0.003745 per share, together the ("Conversion").   

Following the Conversion YA Global will hold 59,893,751 shares or 3.5% of the Company's total voting rights.       

As announced on 21 November 2013, the proceeds of the Convertible Note will be applied to debt reduction and to working capital purposes.  The Conversion completes the remainder of the outstanding Convertible Note. 

Following the Conversion, the Company's total issued ordinary share capital will be 1,689,944,601 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 27 March 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

 

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