Business
Issue of Shares & Purchase of Jupiter Mines Shares
Issue of Shares & Purchase of Jupiter Mines Shares.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 0603T Red Rock Resources plc 14 November 2013 \n \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\nIssue of Shares and Purchase of Jupiter Mines shares\n14 November 2013\nRed Rock announces that Cornhill Capital Ltd. ('Cornhill'), has secured a subscription for 45,000,000 ordinary shares of 0.1 pence each (\"Shares\") in the Company by a long-term investor (the \"Investor\") at a price of 0.66p per Share. (the \"Subscription\") \n \nThe gross proceeds of the Subscription are £297,000. The Subscription is conditional on the issue and allotment of the Shares and on the Shares being admitted to trading on AIM.\n \nThe proceeds of the Subscription are being applied towards the purchase from the Investor of 8,000,000 shares in Jupiter Mines Ltd (ASX:JMS)(\"Jupiter\") at a price of AUD 0.056 per Jupiter share and a total cost of AUD 448,000 (£261,414 approximately). Following the Subscription the Company's holding in Jupiter will be 27,674,375 Jupiter shares (1.21%). Red Rock retains a 0.75% gross revenue royalty over Jupiter's Mt Ida project, and non-manganese mineral rights over a further Jupiter tenement. \n \nAs the Company's existing authorities to issue shares have been largely utilised, the Company will shortly be sending a circular convening a general meeting at which shareholders will be asked to give the directors authorities to issue Shares. . In addition to enabling Red Rock to complete the issue of Shares to Cornhill, the authorities will give the directors flexibility in responding to other opportunities. A copy of the circular will be available on the Company's website, www.rrrplc.com.\n \nRed Rock Chairman Andrew Bell comments: \"Since we last sold stock in Jupiter in early July Red Rock's share price has risen nearly 80%, while Jupiter's has declined by over 20% despite announcing major contracts. Jupiter intends to delist, which makes it impossible for some funds to hold, but this is not a consideration for us as whenever we have sold it has been to a major holder, and Jupiter intends to assist buyers and sellers to match transactions after delisting. The current price we believe is an investment opportunity we cannot match elsewhere and gives us an opportunity to strengthen the Company's long-term asset position. We intend to seek...