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RRR Red Rock Resources Plc

0.0575
-0.0075 (-11.54%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Red Rock Resources Plc LSE:RRR London Ordinary Share GB00BYWKBV38 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.0075 -11.54% 0.0575 0.055 0.06 0.065 0.0525 0.065 124,198,674 15:09:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Iron Ores 0 -2.67M -0.0011 -0.55 1.49M

Red Rock Resources plc Renewal of Convertible Loan Notes (2255X)

17/12/2019 4:58pm

UK Regulatory


Red Rock Resources (LSE:RRR)
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RNS Number : 2255X

Red Rock Resources plc

17 December 2019

Red Rock Resources PLC

("Red Rock" or the "Company")

Renewal of Convertible Loan Notes

17 December 2019

Red Rock Resources Plc, the natural resource development company with interests in gold, minerals and steel feed materials, announces an update on the Convertible Loan Notes ("Notes") with accompanying Warrants ("Warrants") issued to high net worth investors, further to the announcements of 2 November 2018 and 2 January 2019.

The Notes were due for redemption or conversion into new Red Rock shares ("Shares") at a price of 0.8p per Share, with a final redemption date of 19 December 2019. The Warrants were issued on the basis of 1 Warrant for every 2 Shares to be issued on conversion, with an exercise price of 1.4 pence per Share and a life to 30 April 2020.

Holders of GBP830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share.

Andrew Bell, Chairman, comments: "We thank our Note holders who have had the confidence to roll over their positions. Red Rock remains committed to advancing its important projects in Kenya and the DRC, while the strong cash generation at Jupiter Mines Ltd provides stability."

The Notes were issued at par and are convertible into Shares at a price of 0.6 pence per Share. Each Note has a denomination of GBP1,000 and is thus convertible into 166,666 new Shares in the Company. Conversion may take place at any time up to the final redemption date.

Each Note holder received 62,500 Warrants for each Note subscribed. Each Warrant entitles the holder to subscribe for Shares at any time up to the date of expiry at a price of 0.9 pence per Share.

The interest rate on the Notes is 12% per annum, accruing monthly.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact:

Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc

Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc

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

Tim Sohal 0203 700 2500 Broker Pello Capital Limited

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

December 17, 2019 11:58 ET (16:58 GMT)

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