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Red Rock Resources raises £360,000 through placing


Red Rock Resources (LON:RRR) has brought in £360,000 to make repayments and for working capital.

It has issued over 76 million shares at 0.47p a share to clients of Cornhill Capital and others in a placing, the firm said.

For every two placing shares, it will issue one warrant to subscribe for a share within 18 months of issue at a price of 0.6p.

Regency Mines (LON:RGM) will subscribe for around 21.9mln shares to meet recharges of shared costs, while chairman of Red Rock, Andrew Bell, will subscribe for 1,063,830 shares, the firm said.

Following the placing, Regency holds 10.98% of the firm, while Bell holds around 2.1 mln shares - with around 1.063mln held directly.

The placing price of 0.47p represents an approximate 17.5% discount on Monday's Red Rock closing price of 0.57p.

Quick facts: Red Rock Resources PLC

Price: 0.45 GBX

Market: AIM
Market Cap: £3.04 m

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