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Red Rock Resources raises £1 mln through share placing

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Red Rock Resources (LON:RRR) has raised £1 million in additional capital through a share placing.

It has issued 16.6 million new shares priced at 6 pence each. The company said it would use the money as general working capital. 

The group’s associate Regency Mines (LON:RGM), which is also run by chief executive Andrew Bell, participated in the placing and increased its stake in Red Rock to 20.13 percent. Regency bought an additional 4.1 million shares, taking its total holding to 145.7 million shares.

The new shares are expected to start trading on the AIM market on the 29 June 2010.

Red Rock has a diversified set of assets with interests in gold projects, as well as steel feed, Urarium and rare earth.

It also has interests in early stage iron ore exploration projects in Greenland. Just yesterday the company revealed that it has expanded the size of its prospective acreage significantly. 

The group’s interest in the assets stem from an earlier agreement, made in March 2011, which gave it the option to earn into a 65 percent stake in North Atlantic Mining Associates’ (NAMA) Greenland subsidiary.

On Wednesday, Red Rock confirmed that the NAMA Greenland (NGL) subsidiary has now increased the size of its concession area, from 644 to 1,013 square kilometres. It also gave investors a run-down of its exploration schedule.

At the moment it is working on desktop studies and field planning. This will be followed up with an airborne geophysics programme next month, which will comprise 13,170 line kilometres. It will then carry on with field validation work through to the end of September. The 2011 programme will use 5 geologists and 5 field assistants.

Some drilling work may also take place. This summer’s exploration work will then be followed up by an infill programme next year.

Quick facts: Red Rock Resources PLC

Price: 0.401 GBX

AIM:RRR
Market: AIM
Market Cap: £2.71 m
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