Red Rock Resources plc has issued for cash 100 million new ordinary shares of 0.01 pence each in the company at a subscription price of 0.03 pence per share to settle professional fees.
TVRs
Following admission, the company’s issued ordinary share capital will comprise 7,254,032,374 ordinary shares.
All of the ordinary shares have equal voting rights and none is held in treasury.
Red Rock is currently awaiting the outcome of arbitration in the Democratic Republic of Congo.
The company claims its 50.1% share of joint venture copper-cobalt assets near Kolwezi were sold for by its former partner without the company’s knowledge or consent.
The company stands to gain $2.5m of the $5m paid at the time of the sale, plus $2m
damages and interest.
The arbitration, which also involves the buyer, includes Red Rock’s rights in relation to the $15m unpaid balance of the sale.
The company also has gold production interests in Colombia and exploration in Kenya, Australia, Burkina Faso and Ivory Coast.
Red Rock additionally has lithium projects in Zimbabwe and a 4.6% interest in Elephant Oil Ltd, exploring onshore Benin.