Red Rock Resources
PLC
("Red Rock" or the
"Company")
Extension of Convertible
Notes
Issue of
Shares
23
August 2024
Red Rock Resources Plc, the natural
resource development company with interests in gold and base
metals, principally in Africa and Australia, announces an extension
to the term of its 12% Convertible Notes ("Notes"), and that an offer has been
received in respect of its interest in Red Rock Resources
Australasia Ltd ("RRAL").
Extension of Notes and Issue of Shares
The Company announces, further to the
announcement of 7 August 2023, that the Note holders have agreed to
extend the term and conversion rights of the Notes to 18 November
2024.
The total amount of Notes outstanding
immediately following the term extension is £562,840, and accrued
interest is £73,462. Each Note holder may either capitalise net
interest to 19 August 2024 and add it to the principal amount of
the Notes or settle such net interest by the issue of new Shares in
the Company at 0.0475p per Share. As of 22 August 2024, the Company
has been advised of Note holders requesting settlement by issue of
129,628,588 Shares in settlement of £68,403.69 of interest. The
Company therefore announces the issue of 129,628,588 Shares at
0.0475p per Share.
The Note conversion price is adjusted
to 0.095p per Share, and the exercise price of the accompanying
Warrants to 0.11875p per Share.
An extension fee has been charged as
follows: the Company will grant each Note holder new warrants with
a three year life exercisable at 0.11875p per Share in the amount
of the net rolled over amount including capitalised interest
attributable to that Note holder.
Admission to Trading on AIM and Total Voting
Rights
Application is being made for
129,628,588 Shares to be
admitted to trading on AIM, the admission of which it is expected
on or around 30 August 2024.
In accordance with the provision of
the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority, the Company confirms that, following the issue
of the Shares, its issued ordinary share capital will comprise
4,959,893,598 ordinary shares.
All of the ordinary shares have
equal voting rights and none of the ordinary shares are held in
Treasury. The total number of voting rights in the Company will
therefore be 4,959,893,598. The above figure may be used by
shareholders as the denominator for the calculations to determine
if they are required to notify their interests in, or change to
their interest in, the Company.
For
further information, please contact:
Andrew Bell 0207 747
9990
Chairman Red Rock Resources
Plc
Roland Cornish/ Rosalind Hill Abrahams
0207 628
3396
NOMAD Beaumont Cornish
Limited
Bob
Roberts 0203
8696081
Broker Clear Capital
Corporate Broking
This announcement contains
inside information for the purposes of Article 7 of Regulation
2014/596/EU, which is part of domestic UK law pursuant to the
Market Abuse (Amendment) (EU Exit) regulations (SI
2019/310) and is disclosed in
accordance with the Company's obligations under Article
17.
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.