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Red Rock Resources PLC - London-based natural resource development company with interests in Africa and Australia - Issues £50,000 worth of convertible notes with accompanying warrants to ‘high net worth investors’. Says that a single investor subscribed to the notes. The notes are convertible into ordinary shares at a price of 0.6 pence each and the interest rate on them is 12% per year.
In July, Red Rock Resources issued £623,000 worth of convertible notes, on the same terms as this second tranche.
‘The funds will be utilised for general working capital purposes,’ the company adds.
Current stock price: 0.65 pence, up 8.3% in London on Friday
12-month change: up 4%
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