Red Rock Resources
Red Rock Resources reduces size of share offer to 68 mln from 116 mln
Red Rock Resources PLC reduced the size of the share offer announced last week, saying it is issuing 68 million shares to raise £340,000 before expenses and not 116 million raising £580,000 as envisaged, following further consultation with The Panel on Takeovers and Mergers.
Wills & Co Stockbrokers Ltd have agreed to subscribe for 40 million new shares, which will amount to 9.9 percent of the enlarged issued share capital.
Equity Resources PLC, a company of which Red rock director John Watkins is a director, has agreed to subscribe for 10 million shares, and will hold approximately 2.5 percent of the enlarged.
Regency Mines PLC, a company of which chairman Andrew Bell, Watkins and managing director Ken Watson are directors, currently is interested in 127,350,000 ordinary shares representing approximately 37.7 percent. Regency will subscribe for 6 million placing shares and its holding will be 133,350,000 shares, diluting its stake in Red Rock to approximately 32.9 percent.
Starvest PLC, another company of which Watkins is a director, will take 2.4 million new shares and be interested in 8,650,000 shares, an approximate 2.1 percent stake of the enlarged capital.
Watkins will personally take 1 million new shares, raising his holding to 1.5 million shares, or a 0.37 percent.
Red Rock said it will not issue any warrants.
Red Rock Resources is an exploration and mineral property investment company focused on the discovery and development of iron ore, manganese and uranium exploration assets. Its operations are located in Australia and South Eastern Africa.
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