Red Rock Resources Plc
("Red Rock" or the "Company")
Issue of Shares and Convertible Note
8 August 2013
Red Rock announces that YA Global Master SPV, Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC ('Yorkville'), has subscribed for 54,134,776 ordinary shares of 0.1 pence each ("Shares") in the Company under the terms of the Standby Equity Distribution Agreement ("SEDA") between Red Rock and YA Global as announced on 14 December 2010, at a price of 0.645p per Share. (the "Subscription")
The gross proceeds of the Subscription are £349,169.30, conditional on the Shares being admitted to trading on AIM.
The proceeds of the Subscription are being applied towards working capital for the Company.
Following the Subscription, the Company's total issued ordinary share capital will be 1,333,903,878 ordinary shares of 0.1p. Application has been made to the London Stock Exchange for the Shares, which rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 14 August 2013.
Separately, the Company has issued a unsecured convertible loan note of £275,000 to YA Global. The notes yield 10% per annum, and are convertible into ordinary shares at the option of YA Global until 8 August 2014, after which the loan notes become repayable. 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 a bondholder.
For further information contact:
Andrew Bell 0207 747 9970 or 07766 474849 Chairman Red Rock Resources plc
Sandra Spencer 0207 747 9970 or 07757 660 798 Investor Relations Red Rock Resources plc
Colin Aaronson / David Hignell 020 7383 5100 NOMAD Grant Thornton UK LLP
Nick Emerson 01483 413500 Broker SI Capital Ltd.
