4th Apr 2023 10:17
(Alliance News) - Red Rock Resources PLC on Tuesday said it raised around GBP223,000 before expenses via a placing of new shares, which will be used to fund its activities in Australia, Kenya and Zimbabwe and for general working capital.
Red Rock is a natural resource development company with assets in Australia and Africa.
It said 123.9 million new shares were placed at a price of 0.18 pence each. Shares in Red Rock were down 10% to 0.19p each in London on Tuesday morning.
Red Rock will have 1.55 billion shares in issue following the placing, meaning the new shares will be 8.0% of the enlarged total.
Each new share will come with a warrant exercisable into another share at a price of 0.35p for the next 18 months.
Red Rock also will grant 12.4 million broker warrants to First Equity Ltd for its services as placing agent, under the same terms as for the placing warrants.
By Greg Rosenvinge, Alliance News reporter
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