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Red Rock Resources draws down £731,851 from Yorkville equity line facility

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Red Rock Resources (LON:RRR) said this morning it is raising more than £700,000 through its equity line facility.

Through the arrangement with Yorkville Advisors’ YA Global Master fund, the company is issuing around 27.2 million shares priced at 2.689 pence to raise £731,851.

The proceeds will be used to repay loans and on ongoing working capital, the company said.

Red Rock is developing its business on a number of fronts focusing in particular on gold and iron ore interests.

Earlier this month, the firm announced it was set for a US$14 million boost after it agreed to sell half of its 1.5 per cent production royalty over the Mt Ida iron ore prospect  -  a 530 million tonne project in Western Australia.

Jupiter Mines is developing the mine and it is currently completing a feasibility study for a 10 million tonne a year mining operation. The pivotal study is due by the end of this year.

Red Rock will receive US$14 million in three instalments from Anglo Pacific Group (LON:APF, TSE:APY). Subsequently, Anglo Pacific will own 1.5 per cent of the mine’s gross revenue iron ore royalty.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

AIM:RRR
Market: AIM
Market Cap: £2.37 m
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