Red Rock Resources plc received £110,000 via a subscription of 100,000,000 ordinary shares at £0.0011 per share by a high net worth investor.
COSTS
The company said that the investor had provided personnel to help bring its lithium assets in Zimbabwe and gold assets in Burkina Faso into production and establish an export pipeline for lithium.
Red Rock paid for some of the costs in advance and the investor funded urgent additional costs on the company’s behalf.
Settlement of the agreed costs, amounting to £58,204.62, forms part of the subscription.
Cash proceeds from the subscription are for Red Rock’s working capital.
Following the issue of the shares, the company’s issued ordinary share capital will comprise 2,670,097,791 ordinary shares, each with one voting right. None of the ordinary shares are held in treasury.
All costs for the export of the first 200 tons of lithium from Zimbabwe to the “destination port” are fully paid.