6th Mar 2015 18:21
LONDON (Alliance News) - Red Rock Resources PLC Friday that MG Partners II Ltd, an affiliate of Magna, has converted USD7,500 of its USD550,000 unsecured convertible notes, which are due for repayment on the first day of 2016, into 6.1 million shares the company at a price of GBP0.000798 per share.
The conversion means that MG Partners II Ltd will hold 6.1 million shares in the company, a 0.2473% stake.
In addition, Red Rock said it has issued 9.0 million new shares at the same price to a supplier "in respect of services rendered".
Red Rock Resources shares closed flat at 0.0900 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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