11th Aug 2014 16:59
LONDON (Alliance News) - Red Rock Resources PLC Monday said it has raised GBP59,300 in placing a 26.3 million new shares to new and existing shareholders at GBP0.002257 each.
Under the GBP59,300 fundraising, Red Rock Executive Chairman Andrew Bell subscribed for 2.2 million new shares, taking his total holding to 10.7 million shares, a 0.52% stake.
Separately, YA Global Master SPV Ltd, which is advised by Yorkville Advisors LLC, has converted GBP149,324 of its outstanding convertible loan into 66.2 million shares. It has also converted GBP11,126 of outstanding fees into 4.9 million shares. Yorkiville's conversions were also made at GBP0.002257 per share.
YA Global Master SPV's GBP550,000 unsecured convertible bonds are due for repayment in April 2015 into 66.1 million shares at a price of GBP0.002257 each. Following conversion, YA Global will hold 71.1 million shares in Red Rock, a 3.5% stake.
The proceeds of the convertible note have been used to reduce debt and provide additional working capital.
Red Rock shares Monday closed down 6.5% at 0.243p.
By Samuel Agini; [email protected]; @samuelagini
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