Business
Convertible Loan Note Conversion & Issue of Equity
Convertible Loan Note Conversion & Issue of Equity.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8397O Red Rock Resources plc 11 August 2014 \n \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\nConvertible Loan Note Conversion & Issue of Equity & Update\n11 Aug 2014\nRed Rock is pleased to announce that it has issued 26,273,815 new ordinary shares to new and existing shareholders at a price of £0.002257 in order to raise gross proceeds of £59,300. Simultaneously, YA Global Master SPV, Ltd has converted £149,324 of its outstanding convertible loan into 66,160,425 shares and £11,126 of outstanding fees into 4,929,663 shares, also at a price of £0.002257 (together the \"Issuance\"). \n \nConvertible Loan Note Conversion\n \nYA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), has converted £149,324 of its £550,000 unsecured Convertible Bonds, which are due for repayment in April 2015, into 66,160,425 ordinary shares of 0.1 pence each (\"Shares\") in the Company under the terms of the Convertible Bond Instrument (\"Convertible\") as announced on 30 April 2014, at a price of £0.002257 per Share, the (\"Conversion\"). \n \nSimultaneously, £11,126, representing fees accrued on the Company's outstanding term loan, will be converted into 4,929,663 shares of 0.1 pence each at a price of £0.002257 per share. \n \nFollowing the Conversion YA Global will hold 71,090,088 Shares or 3.5% of the Company's total voting rights. \n \nAs announced on 30 April 2014, the proceeds of the Convertible Note have been applied to debt reduction and have provided additional working capital. \n \nPlacing\n \nAdditionally, the Company has placed a total of 24,058,485 Shares in the Company at a price of £0.002257 (the \"Placing\") with new shareholders (the \"Placees\"). \n \nDirector Participation\n \nAndrew Bell, Director, has also participated in the Issuance, subscribing for a total of 2,215,330 Shares at a price of £0.002257. A summary of his resulting holdings is provided below. \n \n\n\n\n\nDirectors\n\n\nExisting Shareholding \n\n\nNew Shares subscribed for as per the Issuance\n\n\nTotal Shareholding following the Issuance\n\n\n% of Issued Share Capital following the Issuance\n\n\n\n\nAndrew R M Bell\n\n\n8,442,312\n\n\n2,215,330\n\n\n10,657,642\n\n\n0.52%\n\n\n\n\n \n...