Business
Financing, Directors Dealings and TVR
Financing, Directors Dealings and TVR.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8269W Red Rock Resources plc 29 April 2016 \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\n \nStrategic Financing and Director Purchases; TVR\n \n \n29 April 2016\n \nPlacing of Shares\n \nRed Rock Resources Plc, the natural resource investment and development company with precious metals and energy interests is pleased to announce a strategic financing including a £35,000 participation by Company directors.\n \nHighlights:\n \n§ Red Rock is issuing a total of 97,023,801 ordinary shares of 0.01p each (\"Placing Shares\") in the Company at a price of 0.42 pence per Placing Share (the \"Placing\"). The gross proceeds of the Placing are £407,500;\n \n§ For each Placing Share, each subscriber will be issued with one warrant exercisable at 0.84 pence per share and expiring thirty months after the date of admission to trading on AIM of the Placing Shares (\"Warrants\"); \n \n§ The Warrants are subject to an accelerator whereby they must be exercised or abandoned should Red Rock shares trade at a ten day volume-weighted average price of 2.5 pence or more;\n \n§ Metal Tiger plc (AIM:MTR)(\"MTR\") has agreed to subscribe £125,000 for 29,761,904 of the Placing Shares. \n \n§ Metal Tiger is in addition subscribing for £100,000 of Red Rock shares under a strategic equity exchange agreement (\"Subscription\", as outlined below);\n \n§ Metal Tiger has the right to appoint a Non-Executive director to the board of Red Rock at any time during the next 12 months;\n \n§ Directors of the Company are subscribing for £35,000 of stock in the placing (see below) following recent on-market purchases;\n \n§ The financing funds the expected cost of Red Rock's Shoats Creek drilling participation for 2016. It will also allow for the enhancement of existing gold interests, and potential acquisition of new opportunities.\n \n \nAndrew Bell, Chairman of Red Rock Resources said: \"This financing comes at a key time and marks the point from which the potential for a sustained recovery in the natural resource sector and for Red Rock Resources becomes more visible. \n \nOur developing oil interests are designed to cover our day-to-day costs thus making Red Rock self-sufficient at a core level. Our oil revenues are projected to bui...