Issue of Equity

RNS Number : 5821B

Red Rock Resources plc

04 April 2013

 

Red Rock Resources Plc

("Red Rock" or the "Company")

Placement of Shares

4 April 2013

Red Rock Resources plc announces that it has placed 48,000,000 new ordinary shares of 0.1p each (the "Ordinary Shares") at a price of 0.625 of a penny per share to raise £300,000 before expenses (the "Placing"). 

The net proceeds of the Placing will be used for working capital purposes while the Company awaits resolution of pending asset sales.  Additional announcements are expected to be made in respect of these sales in due course.    

Application will be made to the London Stock Exchange for the new Ordinary 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 or around 10 April 2013.  Following the Placing, the Company's total issued ordinary share capital will be 1,229,662,263 Ordinary Shares. 

Red Rock Chairman Andrew Bell comments: "It remains our intention to reduce our dependence on new share issuances and finance the Company primarily through strategic asset sales and profits. A delay in the expected completion of a sale transaction for reasons beyond our control made this fundraise a prudent short term option, though regrettable at the current stock price."

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

 

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