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Red Rock Resources (RRR.L) Financing to raise £1,000,000 & Future Projects
September 28, 2020
Red Rock Resources Plc announces that it has raised £1,000,000 by way of a placing of 125,000,000 new ordinary shares of 0.01 pence each (“Shares”) in the Company at a price of 0.8p per Share with 1 for 1 warrants exercisable at a price of 1.2 pence per Share for thirty months (“March 2023 Warrants”)(together the “Placing”). 12,500,000 March 2023 Warrants will be issued to First Equity Ltd in part payment for its services as Placing Agent. Andrew Bell, Chairman, comments : “Red Rock is entering a period of intense activity with active exploration due at its recently restored 1.2 million ounce JORC compliant gold resource in Kenya, and the IPO process for its new and highly prospective gold JV business in the Victoria Goldfields of Australia. The operational work programme planned includes an acceleration of geological work on its copper/cobalt joint ventures in the Congo, alongside the two gold businesses in Kenya and Australia. The Company will continue to be able to fund a significant part of its operations from existing resources, however this financing enables Red Rock to move immediately to exploit the opportunities we have now developed.”