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Red Rock Resources to use UK Bond Network to raise funds

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Red Rock Resources (LON:RRR) is to raise up to £500,000 via the issue of a secured bond, arranged by the UK Bond Network Limited.

The bond, which is being offered to high net worth, sophisticated, professional and institutional investors who are members of the UK Bond Network, will have a term of two years and carry a coupon of 10-14% as defined by an auction process.

The bond will be secured by way of a debenture and a cash escrow arrangement, and there may be a further return to participating investors linked to the performance and any future sale of the company's Jupiter Mines Limited shareholding.

The proceeds of the facility will be applied for working capital purposes.

Quick facts: Red Rock Resources PLC

Price: 0.34 GBX

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