Business
Issue of Convertible Note. Cancellation of options
Issue of Convertible Note. Cancellation of options.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3630O Red Rock Resources plc 18 September 2013 \n \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\nIssue of Convertible Note and Options Cancellation\n18 Sept 2013\nRed Rock announces that it has issued an unsecured convertible loan note of £300,000 (\"Convertible Note\") to YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'). \n \nThe notes yield 10% per annum, and are convertible into ordinary shares for up to one year. The price of conversion will be determined by a formula equal to 97% of the six lowest daily volume weighted average prices during 12 consecutive trading days beginning on the first trading day immediately following the delivery of a notice of conversion by the bondholder. The notes fall for repayment on 18 September 2014 if not previously converted.\n \nThe proceeds of the Convertible Note will be applied towards activities in Kenya and working capital for the Company. \n \nSimultaneously, the Company announces that the remaining 12,000,000 options issued at prices between £0.02 and £0.05 to Company Board Members, and announced on 29 January 2013, have been waived by their respective holders. This action nullifies the entirety of the 39,000,000 options previously announced on that date.\n \nThe Company will issue an update on its activities later this week.\n \nCompany Chairman Andrew Bell comments:\n \n\"Once again, the Red Rock Board and senior staff have demonstrated their willingness to support the firm in its financing efforts. By sacrificing potential short-term personal upside in the form of employee options, we've created additional flexibility to fund the business as we look to drive our on-going sale processes in Colombia and Greenland towards a conclusion.\" \n \n \nFor further information contact: \n\n\n\n\nAndrew Bell 0207 747 9990 or 0776 647 4849\n\n\nChairman Red Rock Resources plc\n\n\n\n\nSandra Spencer 0207 747 9990 or 0775 766 0798\n\n\nInvestor Relations Red Rock Resources plc\n\n\n\n\nColin Aaronson / David Hignell 020 7383 5100\n\n\nNOMAD Grant Thornton UK LLP\n\n\n\n\nNick Emerson 01483 413500\n\n\nBroker SI Capital Ltd. \n\n\n\n\n \n &n...