Red Rock Resources plc Issue of Equity

RNS Number : 2248J

Red Rock Resources plc

23 October 2024

 

Red Rock Resources PLC

("Red Rock" or the "Company")

Issue of Shares

 

23 October 2024

 

Red Rock Resources Plc, the natural resource exploration and development company with interests in gold, base metals, battery metals, and hydrocarbons principally in Africa and Australia, announces that it has placed 597,014,925 new ordinary shares ("Placing Shares") by a placing at 0.0335 pence per share raising a total of £200,000 before expenses ("Placing"). CMC Markets UK Plc, trading as CMC CapX, acted as the Company's placing agent in respect of the Placing.

 

The Placing proceeds will be applied to year-end accounting costs, acquisition and transport of gold mining equipment, commencement of gold operations in West Africa, Australian and Kenyan operational and professional costs, and other working capital purposes.

 

Red Rock CEO Andrew Bell comments "We continue to focus on final settlement arrangements in relation to our claims in the Democratic Republic of Congo, and expect a number of developments, which may favourably impact our financial prospects.

 

Meanwhile, there is continuing intensive activity as we prepare to start alluvial gold pre-production and testwork in Burkina Faso, and our Australian team has to continue its important work as we discuss with potential partners how to accelerate development there. These strategic activities present alternative value-generative paths forward, while the outcome in the DRC is yet to be reached, and upon a successful outcome in the DRC will retain value as diversifications of risk.

 

This is a high cost time of year with management extremely busy as we focus on accounting and audit across our asset portfolio. We are grateful for the support by placees which we believe  enables us to reach some key announcement milestones."    

 

Admission to Trading on AIM and Total Voting Rights

 

Application is being made for 597,014,925 new ordinary shares to be admitted to trading on AIM, the admission of which it is expected on or around 29 October 2024.

 

In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares, its issued ordinary share capital will comprise 5,655,797,411 ordinary shares.

 

All of the ordinary shares have equal voting rights and none of the ordinary shares are held in Treasury. The total number of voting rights in the Company will therefore be 5,655,797,411. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or change to their interest in, the Company.

 

For further information, please contact:

Andrew Bell 0207 747 9990                                                       Chairman Red Rock Resources Plc

Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396           NOMAD Beaumont Cornish Limited

Bob Roberts 0203 8696081                                                        Broker Clear Capital Corporate Broking

 

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU, which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310) and is disclosed in accordance with the Company's obligations under Article 17.

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

 

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