Red Rock Resources plc raised £223,000 before expenses by placing 123,888,888 new ordinary shares of £0.0001 each in the company at a price of 0.18 pence per share.
The company will also grant 123,888,888 warrants, exercisable into shares at a price of 0.35 pence per share for 18 months.
Red Rock will additionally grant 12,388,888 broker warrants to First Equity Ltd as the placing agent, with the same terms for the placing warrants.
Following admission, the company’s total issued share capital will comprise 1,548,277,328 ordinary shares, each with one voting right. Red Rock holds no shares in treasury.
USES
Net proceeds will fund the company’s activities in Australia , Kenya and Zimbabwe and for general working capital purposes pending the anticipated receipt of funds from the DRC.