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Red Rock Resources unveils £500,000 bond issue


Red Rock Resources (LON:RRR) is on a stronger financial footing going into 2014, it said - unveiling a £500,000 bond issue.

The proceeds will be for working capital and for feasibility studies at the group's Kenya gold project.

The bond has a two year term and a coupon of 14% per year and is to be 50% amortised with payments starting in June 2014 and continuing on a semi-annual basis. Notes were placed with institutional, professional and high net worth investors.

Company chairman Andrew Bell said: "We are impressed with both the bond product and their execution of this transaction.  This facility offers a longer term than the majority of debt providers in our sector and allows the company to more closely match our borrowings and repayment period with the typical timelines for an exploration project's development.  

"This instrument further diversifies our sources of funding and puts the company on a stronger financial footing as we prepare to enter 2014 " 

Earlier this month, the group said it had identified a number of new exploration targets at its Migori gold project in Kenya while another set have been reprioritised.

Quick facts: Red Rock Resources PLC

Price: 0.4 GBX

Market: AIM
Market Cap: £2.79 m

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