By Devika Patel
Knoxville, Tenn., May 1 - Red Rock Resources plc said it arranged a £3 million standby equity distribution agreement with YA Global Master SPV Ltd.
YA has committed to purchase up to £3 million of the company's ordinary stock over the course of two years in multiple tranches.
Subscriptions will be at a price closely related to current market price.
Timings, intervals and sizes will be determined by Red Rock.
Proceeds will be used to enhance the company's financial security.
London's Red Rock Resources is a mineral exploration and development company focused on iron ore, uranium and manganese in Western Australia, Tasmania, Zambia and Malawi.
| Issuer: | Red Rock Resources plc
|
| Issue: | Standby equity distribution agreement
|
| Amount: | £3 million
|
| Tenor: | Two years
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Settlement date: | May 1
|
| Stock symbol: | London: RRR
|
| Stock price: | 1.10p at close April 30
|
| Market capitalization: | £4.86 million
|
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