Business
Investment in Ascot Mining pl
Investment in Ascot Mining pl.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n RNS Number : 4963W Red Rock Resources plc 19 November 2010 \n \n\n \n \nRED ROCK RESOURCES PLC\nUpdate - Replacement\n Dated: 19 November 2010\nThis announcement replaces the Red Rock Resources plc 'Investment in Ascot Mining plc' announcement released today at 09:59 a.m. under RNS number 4911W. The announcement should have stated that Ascot Mining plc currently has 44,776,347 ordinary shares in issue and not 40,675,924 ordinary shares in issue as previously stated. All other details remain unchanged. The full announcement appears below.\nRed Rock Resources plc (\"Red Rock\" or the \"Company\"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed, uranium, and rare earths reports a £1.5 million investment in Ascot Mining plc (\"Ascot\") by way of 10% convertible loan notes 2015, convertible at any time at Red Rock's discretion into new Ascot ordinary shares at 20 pence per share. In addition Red Rock has been granted warrants to subscribe for 10,500,000 additional new Ascot ordinary shares at an exercise price of 20 pence per new Ascot ordinary share, valid for 5 years. Ascot is quoted on the PLUS-quoted market, an exchange regulated market operated in London by PLUS Markets plc, where it trades under the stock code ASMP, and is traded on XETRA and PLUS.\nThe purpose of the investment was to enable Ascot to meet its payment obligations to the vendor of its producing gold property in Costa Rica.\n Ascot has released the following announcement to PLUS:\n \nAscot Mining Plc\n(\"Ascot\" or the \"Company\")\n(PLUS Markets: ASMP, Xetra®: AM3.DE)\nInstitutional Financing \nHighlights - \n- Raised £3,700,000 ($5,920,000) via the issue of convertible loan notes and exercise of warrants; \n- Intended move from PLUS Markets to the AIM a market operated by the London Stock Exchange (\"AIM\"); \n- Clear title to the Chassoul Gold Mine - a producing gold mine with associated processing infrastructure: \n- Targeted initial acceleration in production to 1,200 ounces per month by Q1 2011 and circa 2,000 ounces per month by mid 2011.\n \nAscot Mining, a Costa Rican gold miner, is pleased to announce that it has secured funding of £3,700,000 ($5,920,000). £3,000,000 ($4,800,000) of these f...