Red Rock Resources PLC (AIM:RRR) said Monecor (London) Ltd, trading as OvalX, has raised £160,000 before expenses for the company by placing 40mln new shares with a high net worth investor at a price of 0.4p per share.
The placing proceeds will be used for general working capital, the natural resource development company focused on gold said in a statement.
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The company also announced it has appointed OvalX as its joint broker.
In conjunction with the placing, Red Rock will grant up to 20mln warrants, subject to shareholder approval, exercisable for 24 months at 0.8p to OvalX.
It said a general meeting will be convened as soon as practicable.
Red Rock shares closed trading at 0.45p on Wednesday.