Red Rock Resources plc in is talks to sell some of its assets as it issued, in aggregate, 714,055,114 new shares to settle accrued interest, fees, a subscription and a debt.
BUYERS
A total 54,911,214 shares issued each at 0.041p are for accrued interest on a four-month extension from 18 November 2024 to the term of its 12% convertible notes.
Following the extension, the total amount of notes outstanding is £562,840 with four months accrued interest amounting to £22,513.60.
The note conversion price is adjusted to 0.075p per share, and the exercise price of the accompanying warrants to 0.09375p per share.
A charge on the extension will see Red Rock grant each note holder new warrants with a three-year life.
The company also issued 122,558,535 shares for £50,249 of professional fees, 48,780,487 shares for a £20,000 cash subscription, and 487,804,878 shares to settle £200,000 of debt, all at 0.041p per share.
Following the issue of the placing shares, Red Rock’s issued ordinary share capital will comprise 6,398,423,953 ordinary shares.
Chairman Andrew Bell added: “The company remains constrained financially and is managing its expenses carefully to avoid as far as possible any recourse to external financing, which has been offered, until we can make a substantive announcement.
“We are also engaged in various discussions with potential buyers who have approached us in relation to certain of our assets.”