viewRed Rock Resources PLC

Red Rock Resources raises £300,000 to spend on Jupiter Mines stock


Red Rock Resources (LON:RRR) has raised just under £300,000 through a subscription of shares to be spent on increasing its stake in Jupiter Mines.

A subscription for 45mln Red Rock shares at 0.66p each by an unnamed “long-term investor” raised £297,000 to cover the costs of the share purchase.

The decision to increase its stake in Jupiter from 0.86% to 1.21% by buying 8mln shares at A$0.056 (at a cost of £261,000) comes despite Jupiter’s plans to delist from the ASX.

The company retains a 0.75% gross revenue royalty over Jupiter’s Mount Ida project in Australia and non-manganese mineral rights over another Jupiter asset.

Red Rock chairman Andrew Bell said: “Since we last sold stock in Jupiter in early July Red Rock's share price has risen nearly 80%, while Jupiter's has declined by over 20% despite announcing major contracts. 

“Jupiter intends to delist, which makes it impossible for some funds to hold, but this is not a consideration for us as whenever we have sold it has been to a major holder, and Jupiter intends to assist buyers and sellers to match transactions after delisting.” 

He added: “The current price we believe is an investment opportunity we cannot match elsewhere and gives us an opportunity to strengthen the company's long-term asset position.”

Red Rock’s shares dipped 3.8% to 0.63p each on the news.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

Market: AIM
Market Cap: £2.37 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Red Rock Resources PLC named herein, including the promotion by the Company of Red Rock Resources PLC in any Content on the Site, the Company...



Red Rock Resources PLC boss hoping to be cash flow positive by year's end

Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), is hopeful that the mineral exploration and production company will be ”showing appreciable positive cash flows” by the end of 2016. Bell tells Proactive that if everything goes to plan at Shoats Creek, Red Rock will also “be...

on 1/4/16

2 min read