Red Rock Resources plc has raised £500,000 by placing 666,666,667 new ordinary shares each at 0.075 pence.
DRC ARBITRATION
Proceeds will be used for the company’s lithium production and export operations in Zimbabwe, gold studies and development in Burkina Faso, accounting and audit costs, and working capital.
Following the issue of the placing shares, Red Rock’s issued ordinary share capital will comprise 3,336,764,458 ordinary shares, with equal voting rights. None of the ordinary shares are held in treasury.
Chief executive Andrew Bell said that the company expects to hear of the arbitration award and payments in the Democratic Republic of Congo after the country’s election’s next week.
“While we had expected a conclusion this week, the delay is sensible and prudent as any actions taken too close to election day when suspicions run high can be open to misinterpretation.
“We therefore resolved in an uncertain economic environment to strengthen our balance sheet before year end by other means, accepting a funding offer, which also enables us to continue driving forward our gold and lithium production and pre-production activities in Africa.”