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Red Rock Resources - Update on Central Africa and Issue of Equity

RNS Number : 6833F
Red Rock Resources plc
10 March 2020
 

Red Rock Resources PLC

("Red Rock" or the "Company")

Update on Central Africa Interests and Issue of Equity

 

10 March 2020

 

Red Rock Resources Plc, the natural resource development company with interests in gold, manganese and minerals, announces an update on its Central Africa interests and an issue of new ordinary Shares in final settlement of related obligations to a vendor.

Democratic Republic of Congo

The Company announced on 25 February 2020 that a new phase of exploration was to begin on the Luanshimba license, 80% owned, which is prospective for copper and gold. Planning discussions have been held with the Company's geological advisors to ensure the most cost-effective programme. Quotes for some of the geophysical work are awaited.

In relation to the Company's other concession interests, held in a 50.1% owned joint venture, discussions have been held in recent weeks with each of the partners to co-ordinate work going forward, and reports are being compiled on the periods to date for submission to Gécamines. 

Further to the announcement of 27 June 2019, the final $100,000 of payments to the vendors has now been made, through the payment of $50,000 in cash in December and through the subsequent issue of 6,000,000 new ordinary shares in the Company today at a price of 0.6 pence a share.

The shares in the Company held by the vendors are subject to a hold period ending 3 June 2020.

Red Rock Chairman Andrew Bell comments: "We continue to work on progressing our existing interests in the Democratic Republic of Congo, at the same time building our network and reviewing new opportunities. We look forward to announcing further developments over the coming weeks."   

Application has been made to the London Stock Exchange for Admission of the Shares, which will rank pari passu with the Company's existing issued Ordinary Shares. Dealings are expected to commence at 8.00 a.m. on or around 16 March 2020.

Total Voting Rights (TVR)

Following the issue of the 6,000,000 new ordinary shares, the issued share capital of the Company consists of 682,049,662 ordinary shares of 0.01p each with voting rights. No Ordinary Shares are held in Treasury.

The above figure of 682,049,662 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.

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

 

 


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Price: 0.305

Market: AIM
Market Cap: £2.13 m
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