24th Feb 2023 12:48
(Alliance News) - Red Rock Resources PLC on Friday said a subscriber under a previously-announced funding agreement has requested it issue 26.8 million new shares to the subscriber at a price of 0.25 pence per share.
This additional share issue would be worth around GBP6.7 million in total.
The Africa and Australia-focused gold and base metals development company said the purchase price was agreed under the subscription announcement in mid-December.
On Friday, Red Rock Resources also said it was agreed that the subscriber may request a further issue of shares at the same purchase price for up to USD274,000. It agreed to pay the subscriber a variation fee of USD78,000 within the next 30 days or at its election via an increase in the initial subscription amount.
Following admission of the subscription shares, which is expected on Thursday next week, Red Rock's share capital will be around 1.37 billion shares.
Shares in Red Rock were up 2.9% to 0.35 pence each in London on Friday afternoon.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Red Rock Resources