Convertible Note Conversion and Issue of Equity

RNS Number : 8380G

Red Rock Resources plc

06 March 2015

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Convertible Note Conversion & Issue of Equity

06 March 2015

Red Rock announces that MG Partners II Ltd., which is an affiliate of Magna, has converted $7,500 of its $550,000 unsecured Convertible Notes, which are due for repayment on 1 January 2016, into 6,117,455 ordinary shares of 0.01 pence each ("Conversion Shares") in the Company under the terms of the Convertible Note Instrument ("Convertible") as announced on 6 January 2015, at a price of £0.000798 per Conversion Share (the "Conversion").

Following the Conversion, MG Partners II Ltd. will hold 6,117,455 ordinary shares in the Company representing 0.2473% of the Company's enlarged ordinary issued share capital.

As announced on 06 January 2015, the proceeds of the Convertible Note will be applied towards gold exploration activities in Ivory Coast and for working capital purposes.

Additionally, the Company has issued a total of 9,022,556 ordinary shares of 0.01p at a price of £0.000798 per share to a supplier in respect of services rendered.

Following issue of the Conversion Shares and the ordinary shares, the Company's enlarged issued ordinary share capital will consist of 2,473,756,183 ordinary shares of 0.01p each. Application has been made to the London Stock Exchange for the Conversion Shares and the ordinary shares, which on Admission will 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 12 March 2015.

The above figure of 2,473,756,183 may be used by shareholders 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 Company under the Disclosure and Transparency Rules.

For further information 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 Pickel0203 128 8208                                                  Media Relations MHP Communications

 

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