Business
Renewal of Convertible Loan Notes
Renewal of Convertible Loan Notes.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2255X Red Rock Resources plc 17 December 2019 \n\nRed Rock Resources PLC\n(\"Red Rock\" or the \"Company\")\nRenewal of Convertible Loan Notes \n \n17 December 2019 \nRed Rock Resources Plc, the natural resource development company with interests in gold, minerals and steel feed materials, announces an update on the Convertible Loan Notes (\"Notes\") with accompanying Warrants (\"Warrants\") issued to high net worth investors, further to the announcements of 2 November 2018 and 2 January 2019.\nThe Notes were due for redemption or conversion into new Red Rock shares (\"Shares\") at a price of 0.8p per Share, with a final redemption date of 19 December 2019. The Warrants were issued on the basis of 1 Warrant for every 2 Shares to be issued on conversion, with an exercise price of 1.4 pence per Share and a life to 30 April 2020.\nHolders of £830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share. \nAndrew Bell, Chairman, comments: \"We thank our Note holders who have had the confidence to roll over their positions. Red Rock remains committed to advancing its important projects in Kenya and the DRC, while the strong cash generation at Jupiter Mines Ltd provides stability.\" \nThe Notes were issued at par and are convertible into Shares at a price of 0.6 pence per Share. Each Note has a denomination of £1,000 and is thus convertible into 166,666 new Shares in the Company. Conversion may take place at any time up to the final redemption date.\nEach Note holder received 62,500 Warrants for each Note subscribed. Each Warrant entitles the holder to subscribe for Shares at any time up to the date of expiry at a price of 0.9 pence per Share. \nThe interest rate on the Notes is 12% per annum, accruing monthly.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\nFor further information, please contact: \nAndrew Bell 0207 747 9990 &n...