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Red Rock Resources raising £780,000 in placing

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Red Rock Resources (LON:RRR) is raising £780,000 through a placing for ongoing working capital.

The firm is doing so via a two- tranche placing of 30 million shares at 2.6 pence per share, it said.

Red Rock said 12 million shares would be issued in the first tranche on March 6, while the remaining 18 million shares would be placed in the second tranche on March 13.

The company 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.

Shares in Red Rock are now changing hands at 2.80 each, having closed yesterday at 3.04 pence each.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

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