21st Mar 2014 17:57
LONDON (Alliance News) - Red Rock Resources PLC Friday said YA Global Master SPV Ltd has converted GBP200,000 in unsecured bonds into about 53.4 million shares at a conversion price of GBP0.003745 a share.
In addition to that, GBP24,302 in interest and fees relating to the convertible and outstanding term loan will be converted into about 6.5 million shares at a GBP0.003745 conversion price.
After that is converted, YA Global will hold 3.5% of Red Rock's total voting rights.
YA Global Master SPV Ltd is a fund managed by Yorkiville Advisors, LLC, which was founded in January 2001 and provides debt and equity financing to publicly listed companies.
The proceeds from the convertible note will be used for working capital purposes and to reduce debt, as Red Rock has previously said.
The conversion completes the remainder of the outstanding convertible note.
The new shares are expected to begin trading on AIM on March 27.
Red Rock shares closed at 0.415 pence, up 5.1%.
By Samuel Agini; [email protected]; @samuelagini
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