21st Nov 2013 10:11
LONDON (Alliance News) - Red Rock Resources PLC Thursday said that, at its upcoming general meeting on December 2, shareholders will be asked to allow directors to issue GBP445,000 worth of shares.
The mining exploration and production company said that, once the issuance is complete, the company can proceed with its planned purchase of 8.0 million shares in Jupiter Mines Ltd., and will provide the company flexibility in its funding. The planned issuance is in addition to GBP297,000 raised last week by the placing of 45 million shares with a long-term investor.
Jupiter Mines is an Australian company, in which Red Rock will hold a 1.21% stake.
Red Rock also said it has agreed to issue an unsecured convertible loan note of GBP500,000 to YA Global Master SPV, Ltd. The notes yield 10% and fall due November 19, 2014 if not converted into shares previously.
Red Rock shares were up 7.9% to 0.577 pence, putting them in the top ten AIM movers in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Red Rock Resources