Business
Fund Raising
Fund Raising.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \n \n \n Red Rock Resources Plc\n \n \n \n (\"Red Rock\" or the \"Company\")\n \n \n \n \n \n \n \n \n Fund-Raising\n \n \n \n \n \n \n \n 15 December 2022\n \n \n \n \n \n \n \n \n Red Rock Resources plc, the natural resource development company focused on gold, with developing interests in copper, cobalt and other minerals, announces it has entered into a funding agreement (the \"Agreement\") with Diversified Metals Holdings, LLC (the \"Subscriber\"), a U.S.-based institutional investor.\n \n \n The Company will initially raise US$500,000 by way of a subscription by the Subscriber for new ordinary shares of £0.0001 each in the Company (\"Shares\") to an ascribed value of US$548,000. Following this initial subscription, the Subscriber may make an additional advance of US$1,000,000 by way of a further subscription for Shares to an ascribed value of US$1,098,000, within the next 18 months. Further information regarding the Agreement is set out below.\n \n \n The proceeds from the initial subscription will be used by Red Rock to fund ongoing exploration and to meet working capital requirements.\n \n \n \n Red Rock Chairman Andrew Bell comments:\n \n \n \"We are pleased to have secured this financing leading into 2023, especially given the headwinds facing natural resource exploration companies generally at present. In addition to the initial subscription, the Agreement puts in place a mechanism for future funding of the Company at market-related prices, so that although the Agreement does not obligate the Subscriber to make further subscriptions beyond the initial subscription, the Subscriber is incentivised to fund additional amounts under the Agreement, and once an investment decision is made, the Agreement facilitates that process.\n \n \n \n \n As previously reported,\n \n \n the Company is at an important juncture, as it awaits the signing of the arbitral award in the Democratic Republic of Congo, where it seeks from the buyer of certain assets partially owned by the Company, $7.5m of the consideration due to be paid. The Company separately seeks the enforcement of its existing judgment for $2.5m against its former partner in respect of that portion of consideration already paid.\n \n \n \n While we continue to have confidence that we will receive an award, the timing and payments cannot be assured ...