Iron ore focused investor Red Rock Resources (AIM: RRR) said its stake in Resource Star Limited (ASX: RSL) was reduced from 27% to 24.4% after Resource Star placed 3.7 million shares at A$0.17 each to raise A$600,000 in order to fund the expenses associated with the planned relisting on the Australian Stock Exchange and recommence field activities.
Red Rock Resources is the major shareholder in the Melbourne headquartered company, which has interests in uranium exploration assets in the Northern Territory in Western Australia and Malawi.
Shares in Red Rock rallied 18% today.