28th Jun 2006 07:01
Red Rock Resources plc28 June 2006 RED ROCK RESOURCES PLC Issue of Equity Dated: 28 June 2006 Red Rock Resources plc (the "Company") the mineral exploration and developmentcompany focused on advancing iron ore, uranium and manganese projects inAustralia and East Africa, has raised £100,375 (gross) by the issue of 5,018,750new ordinary shares of 0.1p each in the capital of the Company (the "Shares") at2p per Share, conditional on the Shares being admitted to trading on AIM. Thefunds are to supplement the Company's working capital. 4,018,750 of the Shares were placed at 2p per Share under the terms of aconditional agreement dated 1st June 2006 between the Company and SunvestCorporation Limited ("Sunvest"), a company incorporated in Australia and listedon the Australian Stock Exchange. Under further terms of the agreement, (a) following certain approvals by ageneral meeting of Sunvest to be held on 11th July 2006, Sunvest will subscribefor a further 4,018,750 ordinary shares of 0.1p in the Company at 2p per Share(the "Further Shares"), and the Company will subscribe for 200,000 shares inSunvest at A$1.00 per share, at an agreed exchange rate of A$2.48835 to £1, and(b) Sunvest has stated that it intends to hold the Shares and the Further Sharesas a long-term investment, and has undertaken not to dispose of more than220,000 ordinary shares in the Company per month, and (c) the Company has statedthat it intends to hold the Sunvest shares as a long-term investment, and hasundertaken not to dispose of more than 10,000 shares in Sunvest per month. 1,000,000 of the Shares were placed at 2p per Share pursuant to a subscriptionby Regency Mines plc, which advanced £20,000 to the Company on 16th May 2006 onaccount, for the subscription of the Shares. Following the subscription, RegencyMines plc will hold 102,250,000 shares in the Company, which is approximately61.5% of the issued share capital. Following the issue of the Shares the Company's total issued share capital willbe 166,178,750 ordinary shares. Application has been made to the London StockExchange for the Shares to be admitted to trading on AIM. Dealings are expectedto commence at 8.00 a.m. on 4 June 2006. A further announcement will be made in the event that the Further Shares areissued. Enquiries: Andrew Bell 07766 474849 Red Rock Resources plc Chairman John Simpson 020 7512 0191 ARM Corporate Finance Nominated Ltd Adviser Ron Marshman/John 020 7628 5518 City of London PR Public Relations Greenhalgh Limited This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Red Rock Resources