25th Mar 2015 10:26
LONDON (Alliance News) - Red Rock Resources PLC on Wednesday said its loss narrowed in the first half of its financial year and said MG Partners II Ltd has converted USD200,000 of the outstanding balance of its 2016 convertible notes.
Red Rock said its loss narrowed to GBP392,577 from GBP1.3 million in the six months to the end of December, due to lower administrative expenses and the lack of impairment charges booked last year repeating.
The company said it is progressing with the sale of its Colombian assets, is focused on expanding its Ivory Coast operations, and said it is still working on licence renewal in its Kenya assets.
In a separate statement, Red Rock said MG Partners II has converted USD200,000 of the USD535,000 outstanding on Red Rock's 2016 convertible notes into 200 million share in the company at 0.000666 pence per share.
Red Rock shares were down 8.1% to 0.0827 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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