Red Rock Resources PLC (AIM:RRR) has raised £223,000 through a placing of just under 124mln new shares at 0.18p each.
The net proceeds will be used for the company's activities in Australia, Kenya and Zimbabwe and for general working capital purposes pending the anticipated receipt of funds from the Democratic Republic of Congo (DRC).
The funds anticipated from the DRC relate to a legal case on which Red Rock has recently reported significant progress.
In conjunction with the placing, the company will grant just under 124mln warrants, exercisable at 0.35p.
The company will also grant 12.4mln broker warrants to First Equity Limited for its services as placing agent.