Red Rock Resources plc Repayment on Loan Note (2961R)
September 20 2017 - 5:04AM
UK Regulatory
TIDMRRR
RNS Number : 2961R
Red Rock Resources plc
20 September 2017
Red Rock Resources PLC
("Red Rock" or the "Company")
Repayment on Loan Note
20 September 2017
On 21 June 2017 Red Rock Resources Plc, the natural resource
development company with interests in gold, manganese and oil
production, announced that it had entered into back to back
financing arrangements under which it was able to fund Steelmin
Limited ("Steelmin") to complete the refurbishment and
recommissioning of a ferrosilicon smelter in Jajce, Bosnia. Under
these arrangements, Red Rock also acquire an equity interest in
Steelmin, that currently stands at 17%.
Highlights:
o Red Rock borrowed $4,230,750 from a group of Investors
("Investors") in the form of a 12 month secured promissory note
("Note").
o An additional term of 8 months is available on 25% of the Note
principal.
o Red Rock has now made its first repayment of $507,156 to the
Investors.
Andrew Bell, Chairman of Red Rock, comments: "Steelmin continues
to progress on schedule towards production, and European
ferrosilicon prices have further improved. The strengthening of
sterling against the dollar since we took out the loan, and the
slight improvement of the Euro against sterling, have benefitted
both sides of our back to back facility. We expect significant
dividend and royalty inflows in the remainder of calendar 2017 to
enable us to continue paying down our loan after this first
substantial payment."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Neil Badger 0129 351 7744 Broker Dowgate Capital Stockbrokers
Ltd
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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