21st Jan 2014 11:29
LONDON (Alliance News) - Red Rock Resources PLC Tuesday said that its has raised GBP360,000 by placing just under 76.6 million shares at 0.47 pence each, funds it will use to repay existing debt and for working capital.
The mineral exploration company said that just over 53.6 million shares were placed by Cornhill Capital Ltd with certain private and fund clients, whilst Regency Mines PLC will subscribe for 21.9 million shares to satisfy shared costs. Red Rock Director Andrew Bell will subscribe for just over 1 million shares.
It said that for every two shares subscribed under the placing, each placee will receive one warrant to subscribe for a share within 18 months of issue at a price of 0.6 pence per share.
Shares in Red Rock Resources were down 11.7% Tuesday morning, trading at 0.503 pence per share, as the placing set a new benchmark price.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Red Rock ResourcesRGM.L