Red Rock Resources
PLC
("Red Rock" or the
"Company")
Update on
DRC
Issue of
Shares
Extension of Convertible
Notes
29
January 2025
Red Rock Resources Plc, the natural
resource development company with interests in gold and base
metals, principally in Africa and Australia, announces an extension
to the term of its 12% Convertible Notes ("Notes"), an issue of shares, and an
update on DRC.
Update on DRC
The resumption of the arbitration by
a scheduled meeting in order to conclude its work and arrange
payments was held last week and briefly adjourned in case the
parties wanted to take a last chance to reach agreement by
themselves. The process remains on track and a priority. Military
developments in the east of the country have inevitably affected
the schedule as officials became engaged with these matters and
this culminated in large demonstrations in the capital, Kinshasa,
yesterday when all offices and official locations were closed and
people remained at home. The Company resumes work on this
matter today.
Red
Rock Chairman Andrew Bell comments:
"The Company remains confident in
a positive result from the current process in the DRC and I expect
to remain there until matters are concluded. The Company remains
constrained financially, as noted in my report in the announcement
of final results on 13th December 2024, and is managing
its expenses carefully to avoid as far as possible any recourse to
external financing, which has been offered, until we can make a
substantive announcement. We are also engaged in various
discussions with potential buyers who have approached us in
relation to certain of our assets."
Extension of Notes and Issues of Shares
The Company announces, further to the
announcement of 27 August 2024, that the Note holders have agreed
to extend the term and conversion rights of the Notes for four
months from 18 November 2024.
The total amount of Notes
outstanding, immediately following the term extension, is £562,840
and the four months interest, that will accrue from that date to
maturity, is £22,513.60. Each Note holder could either capitalise
net interest for the four months and add it to the principal amount
of the Notes or settle such net interest by the issue of new Shares
in the Company at 0.041p per Share. The Company has been advised of
Note holders, requesting settlement by issue of 54,911,214 Shares
in settlement of £22,513.60 of interest. The Company therefore
announces the issue of 54,911,214 New Shares at 0.041p per Share in
settlement of interest.
The Note conversion price is adjusted
to 0.075p per Share, and the exercise price of the accompanying
Warrants to 0.09375p per Share ("New Exercise Price").
An extension fee has been charged as
follows: the Company will grant each Note holder new warrants with
a three-year life, exercisable at the New Exercise Price in the
amount of 5% of the net rolled over amount, including capitalised
interest attributable to that Note holder.
The Company further announces the
issue of 122,558,535 Shares in settlement of £50,249 of
professional fees at a price of 0.041p per Share and the issue of
48,780,487 Shares at a price of 0.041p per Share, pursuant to a
cash subscription of £20,000, and the issue of 487,804,878 Shares
in settlement of £200,000 of debt at a price of 0.041p per
Share.
Admission to Trading on AIM and Total Voting
Rights
Application is being made for
714,055,114 Shares to be admitted to
trading on AIM, the admission of which it is expected on or around
4th February 2025.
In accordance with the provision of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Company confirms that, following the issue
of the Placing Shares, its issued ordinary share capital will
comprise 6,398,423,953 ordinary shares.
All of the ordinary shares have
equal voting rights and none of the ordinary shares are held in
Treasury. The total number of voting rights in the Company will
therefore be 6,398,423,953
The above figure may be used by shareholders as
the denominator for the calculations to determine if they are
required to notify their interests in, or change to their interest
in, the Company.
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red Rock Resources
Plc
Roland Cornish/ Rosalind Hill Abrahams
0207 628 3396
NOMAD Beaumont
Cornish Limited
Bob
Roberts 0203 8696081
Broker Clear Capital Corporate
Broking
This announcement contains
inside information for the purposes of Article 7 of Regulation
2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI
2019/310) and is disclosed in
accordance with the Company's obligations under Article
17.
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
