Business
Notice of General Meeting and Convertible Note
Notice of General Meeting and Convertible Note.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6122T Red Rock Resources plc 21 November 2013 \n \n\nRed Rock Resources Plc\n(\"Red Rock\" or the \"Company\")\nNotice of General Meeting and Issue of Convertible Note \n \n21 November 2013\nRed Rock Resources plc, the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and advanced gold exploration in Kenya, announces that it has posted to shareholders a notice of a general meeting to take place at 1 Adam Street London WC2N 6LE on 2 December 2013 at 11am.\nAt the general meeting, Red Rock shareholders will be asked to give the directors authorities to issue ordinary shares of 0.1p each in the Company to an aggregate nominal amount of £445,000. The authorities will expire on the conclusion of the Company's next annual general meeting which is expected to take place during December.\n \nThe authorities once granted will allow the Company to proceed with the planned purchase of 8,000,000 shares in Jupiter Mines Ltd (ASX:JMS) as announced on 14 November 2013, and will provide additional flexibility in funding.\n \nA copy of the notice is available on the Company's website: \n \nhttp://www.rrrplc.com/files/5313/8485/9601/_0_RRR_ar13_NOM.PDF \n \nThe Company further announces that it has agreed to issue an unsecured convertible loan note of £500,000 (\"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 with a price cap of 1 pence. The notes fall for repayment on 19 November 2014 if not previously converted.\n \nProceeds from the bond issuance will be divided into two parts, with approximately half of the net proceeds paid upon signature and the balance upon renewal of issue authorities at Red Rock's General Meeting currently scheduled for 2 December 2013. \n \nThe proceeds of the Convertible Note will be applied to debt reduction and to working capital purp...