Red Rock to raise $1 million through multiple-tranche placement

By Devika Patel

Knoxville, Tenn., April 9 - Red Rock Pictures Holdings Inc. plans a $1 million financing, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The deal, by a third-party investor, will be funded in separate tranches.

An initial investment of $100,000 has been completed. The company sold a 10% secured convertible note, which is convertible at $0.06 per share.

The company will receive an additional $150,000 once it files an S-1 registration statement for the underlying stock, with an additional $50,000 available once the Securities and Exchange Commission declares the registration statement effective.

In addition, within 30 days of the settlement date, the investor will provide the company with another $200,000 to be used for producing an infomercial campaign.

Located in Los Angeles, Red Rock finances and co-produces feature films and entertainment.

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