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Red Rock Resources PLC on Friday said a subscriber under a previously-announced funding agreement has requested it issue 26.8 million new shares to the subscriber at a price of 0.25 pence per share. This additional share issue would be worth around £6.7 million in total. The Africa and Australia-focused gold and base metals development company said the purchase price was agreed under the subscription announcement in mid-December. On Friday, Red Rock Resources also said it was agreed that the subscriber may request a further issue of shares at the same purchase price for up to $274,000. It agreed to pay the subscriber a variation fee of $78,000 within the next 30 days or at its election via an increase in the initial subscription amount. Following admission of the subscription shares, which is expected on Thursday next week, Red Rock’s share capital will be around 1.37 billion shares. Shares in Red Rock were up 2.9% to 0.35 pence each in London on Friday afternoon. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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