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Red Rock Resources placing raises £1m to finance planned drill programmes
StockMarketWire.com
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Mining group Red Rock Resources has raised £1 million by way of a placing of new shares, allowing it to 'move forward more rapidly' with three planned drill programmes.
The company said the financing was through a placing of 95,238,095 new ordinary shares of 0.01p each at a price of 1.05p per share.
Chairman Andrew Bell said: 'A combination of license grants in Australia, re-grants in Kenya, and exploration progress in Congo, mean that Red Rock is now planning three promising drill programmes.'
He added that Red Rock Resources also had the opportunity of advancing a listing of its Australian joint venture.
Bell said: 'Most immediately, the imminent release of an updated JORC Mineral Resource Estimate for Kenya is expected, which will be followed immediately by putting out a drill programme to tender.
'This financing will enable us to move forward more rapidly with these drill programmes, the cost of which over 2021 is already estimated to exceed $800,000.'
At 9:09am: (LON:RRR) Red Rock Resources PLC share price was 0p at 0.8p
Story provided by StockMarketWire.com
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