Red Rock Resources plc has secured an extension to and settled interest on its 12% convertible notes to 18 November 2024.
The notes relate to the July 2022 issue of £623,000 notes with accompanying warrants to high net worth investors.
In August 2023 the company extended the term of the notes, and agreed a partial conversion, to 18 July 2024 and for the warrants to 18 January 2026.
Following the extension, the total amount of notes outstanding was £562,840 with accrued interest of £73,462.
Red Rock said that on 22 August 2024, note holders requested 129,628,588 shares to settle £68,403.69 interest.
The note conversion price is adjusted to 0.095p per share, and the exercise price of the accompanying warrants to 0.11875p per share.
An extension fee results in the company granting each note holder new warrants with a three-year life exercisable at 0.11875p per share.
Following admission of 129,628,588 shares at 0.0475p per share, Red Rock’s issued ordinary share capital will comprise 4,959,893,598 ordinary shares, with none held in treasury.