Red Rock Resources plc has raised £650,000 via two separate subscriptions and conversion of a debt.
TVRs
On 19 December, Clear Capital Markets made a cash subscription of 1,990,477,000 new ordinary shares of 0.01 pence each, at a price of 0.021 pence per share.
Red Rock will also issue two warrants for every five subscription shares, exercisable at a price of 0.04 pence per share before 19 June 2027.
On the same date, an existing long-term shareholder subscribed for 800 million new ordinary shares, at a subscription price of 0.025 pence per share, for £200,000 cash.
Another shareholder applied to convert £200,000 of existing Red Rock debt to shares, at the same price.
All shares issued are subject to shareholder approval.
Following admission, the company’s issued ordinary share capital will comprise 9,244,509,374 ordinary shares, with voting rights. None of the shares is held in treasury.
Net proceeds from the fundraises will go towards Red Rock’s general working capital.
The company added that it had agreed to defer its final payments to former partner Power Metal Resources plc from November and December 2025 to 31 March 2026.
The companies held a gold joint venture, New Ballarat Gold Corporation, with assets in the Victoria gold fields and southern Australia.
In March 2024 Power Metal conditionally sold its 49.9% share in the JV to Red Rock for up to £1.5 million in cash, Red Rock shares and warrants.
Red Rock has also extended the long stop date of the conditional sale of its Ivory Coast licences to 21 March 2026.
The company has other metal interests in Kenya, Burkina Faso, Zimbabwe, the Democratic Republic of Congo from where it awaits an arbitration payment, as well as oil onshore Namibia and Benin.