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Red Rock Resources: Yorkville converts unsecured bonds

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Red Rock Resources (LON:RRR) has revealed that Yorkville Advisors, through YA Global Master SPV, has converted £275,000 of unsecured convertible bonds into 44 million shares at 0.622p a share.

Red Rock unveiled the convertible loan note on August 8, which was convertible into shares until that date next year.

The company also said it will not issue 17mln in options to key staff as planned, while 10mln options granted to chairman Andrew Bell have also been waived.

Bell said: “The company has decided to put in place a tax efficient approved share option plan, and therefore not to grant the previously announced options to staff pending approval of this new structure.  

“In addition, I believe that the use of the authorised issuance authority granted to the Board to issue convertible instruments for employee options could limit the company's flexibility with regard to its authorities.”  

He added: “These actions create room to manoeuvre as we appear to be entering more buoyant market conditions in our sector.” 

Earlier this month, the company said the sale of its majority stake in Nama Greenland could get the formal sign-off later on in August.

The shares, which are up almost 300% in the past month, jumped by nearly a third to 1.19p each on Tuesday.


Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

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